wagely expands into Bangladesh, launches with over 50,000 workers to become the first and largest financial wellness platform offering Earned Wage Access (EWA) in Asia
Jakarta, Indonesia, Oct 13, 2021 / PRNewswire / – Worthwhile, Indonesia leading financial wellness platform, today announced entry into the Bangladesh, which will be launched with over 50,000 employees from the largest clothing manufacturers such as SQ Group, Youth Group and Classic Composite. The strategic expansion comes just two months after the raise $ 5.6 million in funding so that it Indonesia first and largest financial wellness platform to expand its services to other Asian markets.
Asian workers have problems
Dealing with financial worries is the most important issue in everyday life for low and middle income workers in Asia as they have difficulty meeting basic needs, as they have little or no opportunity to build up sustainable savings. With limited access to traditional financial services, many are forced to turn to illegal lenders and loan sharks when they are in dire need of cash to cover unexpected expenses. With predatory interest fees and little assistance in increasing financial literacy, many borrowers are unable to repay their loan in the required time frame. This results in additional late payment fees that can quickly reach a multiple of the original loan amount and force you into a debt cycle.
The impact on workers is long-lasting and has only been accelerated by the COVID-19 pandemic, which is creating significant financial burdens resulting in lost productivity, higher absenteeism, irregular behavior and increased turnover that have a major impact on business performance.
How Lohnly helps employees get financially healthy
Founded in Indonesia In 2020, Lohnly’s financial wellness platform will revolve around Earned Wage Access (EWA), direct and affordable access to a salary that has already been paid. Replacing the costly months of waiting for wages with an application that allows workers to get paid every day of the month eliminates the need for credit, which has a significant impact on workers’ wellbeing. When employees see their earned salary in real time, they also gain insight into their financial situation, motivate them and help them to make responsible financial decisions.
The story goes on
For employers, the benefits are equally effective. Employers benefit from increased productivity, lower turnover costs and higher savings by offering employees the Lohny financial wellness platform. Wagely’s plug-and-play platform ensures that companies do not have to change their existing processes and can be adapted to the specific needs of each employer.
Financial wellbeing for millions of Bangladesh‘Workforce
With the extension in Asia As the fifth largest country, Lohny is accelerating its mission to reduce financial stress for millions of workers in Asia. Tobias Fischer, CEO of Lohnly Shared: “While Indonesia remains our priority, given the country’s large workforce in dire need of fair financial services, Bangladesh poses a considerable opportunity with over 4.5M in the Ready-Made Garment (RMG) industry alone. Bangladesh Workers have been severely affected by the ongoing COVID-19 pandemic, creating increased financial stress with a significant impact on manufacturers. Encouraged by the very strong demand from some of the largest ready-to-wear manufacturers to work with us during this initial phase of adoption, we look forward to seeing more employers adopt the future of payroll. “
Mr. Warisul Abid, Chief People Officer of SQ Group, said: “With the rapid pace of technological advances, people can access almost anything instantly today. The wages of workers should be no different with real-time access to their wages. With Lohny, our employees can now track and access their earned salary at any time between the traditional monthly pay cycle including evenings, weekends and holidays. Just a few days after the introduction, we were already able to achieve positive results. Effects of the Lohny solution on the productivity and motivation of employees. “
“Providing workers with real-time access to their wages and financial literacy is only the first step in building financial well-being. We are on the way to building a holistic financial wellness platform with the underlying drive to provide workers with access to affordable services that encourage financial empowerment, take responsibility and pave the way to financial stability and inclusion, “added Fischer.
Strong demand and unprecedented growth
Started in Indonesia In 2020 Lohny became Asia leading financial wellness platform that works with over 70 companies in two markets and serves well over 100,000 employees. Partnership with Indonesia The largest companies in the past few months, including Adaro Energy, Medco Energi, British American Tobacco, Ranch Market, Century Pharma, and a few others, saw unprecedented workforce base growth of 517% in the third quarter of 2021 and is well on its way to over 250,000 workers until the middle of next year.
Learn more about Lohny at https://www.wagely.app/.
Lohnly is the leading financial wellness platform for employees in Asia This gives employees visibility into their daily earnings, instant access to earned wages and the ability to plan ahead – proven to reduce employee turnover, improve retention and increase business savings. Established in September 2020, Lohny is now accessible in Indonesia and Bangladesh. Visit https://www.wagely.app/ for more information.
About the SQ group
The SQ Group is one of the leading clothing manufacturers in Bangladesh. The company operates in four business areas: knitwear, lingerie, activewear and textiles. The SQ Group looks back on a long tradition of 25 years and is committed to a successful work environment for its 18,000 employees. All of the group’s major production facilities enjoy LEED © ️ Platinum certification, the highest distinction awarded by the US Green Building Council (USGBC).
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