China Banking Corp. (Chinabank) has announced a partnership with a financial technology company to launch an earned wage access solution, expanding its offerings beyond traditional banking products.
The Earned Wage Access Plus (EWAP) solution allows employees to access a portion of their earned salaries before payday, reducing the need for loans or additional debt. Employees can access the solution through a mobile application that allows multiple withdrawals within a payroll period, as long as it is within their available EWAP limit.
Proceeds are instantly credited to the employee’s Chinabank Payroll account. The solution aims to help plug a structural gap in the Philippines’ payroll system where payday schedules sometimes don’t align with the timing of employees’ expenses and financial obligations.
The rollout of EWAP aligns with the continued growth of more accessible and real-time financial services in the country. Chinabank said it can be offered by companies as a benefit to their employees, eliminating the need for manual processing of internal salary advances.
Employees can use the solution to cover everyday essentials like food, transportation, and utility bills without waiting or borrowing, putting them in control of their own finances. The bank added that EWAP can give employees support for any of their planned or unplanned expenses.
Chinabank’s attributable net income rose by 4.3% to P6.78 billion in the first quarter, while its shares rose by five centavos or 0.09% to close at P56.35 each on Monday.
