Philippines’ Chinabank partners with financial technology company Paywatch for the launch of Earned Wage Access Plus (EWAP), a program that let employees access a portion of their earned salary ahead of paydays without resorting to loans or added debt.
The program is aimed to address a structural gap in the country’s payroll system where payday schedules did not always align with the timing of employees’ expenses and financial obligations. Chinabank identifies the mismatch as something that historically pushed workers towards informal salary advances or short-term borrowing, creating inefficiencies for both employees and employers.
Chinabank Cash Management Services and Operations Group head Domingo P. Dayro, Jr. said EWAP reflected the bank’s commitment to solutions responsive to! clients’ evolving needs, rethinking traditional banking services to support both businesses and their employees.
The bank adds that companies could offer EWAP as an employee benefit without having to manually process internal salary advances to allow workers to cover everyday essentials such as food, transportation, and utility bills without waiting.
How It Works
Employees can access the bank through a mobile application that allow multiple withdrawals within a single payroll period, as long as the amount stay within their available EWAP limit. Proceeds will be credited instantly to the employee’s Chinabank payroll account.
Paywatch Philippines Country Manager Rowell del Fierro said better financial control among employees translated into improvements in productivity and retention in banks where Paywatch operated.
Chinabank said the rollout aligned with the continued growth of embedded finance and digital-first financial services in the country. The bank’s attributable net income is around P6.78 billion in the first quarter, up 4.3 percent, while its shares closed at P56.35 apiece, up five centavos.
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