Malaysian Startups Boost Gig Worker Finances
Three Malaysian fintech startups, Paywatch, Versa, and Get Hyred, are developing solutions to improve financial security for gig workers, supported by the
Malaysia's gig economy comprised 1.64 million platform and non-platform workers in 2026. These workers often lack payslips, steady income, and savings infrastructure, making them vulnerable to financial disruptions.
In response, the Financial Innovation Gig Economy Challenge was launched. Facilitated by Bank Negara Malaysia (BNM), the Malaysia Digital Economy Corporation (MDEC), and the United Nations Capital Development Fund (UNCDF), and funded by MetLife Foundation, the challenge sought solutions to improve gig workers' financial well-being. It attracted over 100 global submissions. Ten teams entered an eight-week bootcamp, and three winners were selected to pilot their solutions in Malaysia.
The winning companies are Paywatch, Versa, and Get Hyred. As Malaysia Digital (MD) status companies, they were recognized for strengthening employability and financial health through app-based training, income-smoothing tools, and accessible savings solutions.
Paywatch Bridges Pay Cycles with Earned Wage Access
Founded in 2020 and headquartered in Kuala Lumpur, Paywatch is a leading financial wellness platform in Southeast Asia. It provides Earned Wage Access (EWA), allowing workers to access already-earned wages before payday. This helps bridge the gap between work completed and wages received for gig and frontline workers with irregular income. The service operates in Malaysia, the Philippines, Indonesia, Singapore, Hong Kong, and South Korea.
Paywatch's mission is to help employees manage finances more effectively. Notable clients include DFI Retail Group (Guardian), Genting Group, Shangri-La Hotels, Lotus's (CP Group), Shake Shack, A&W, Lotte Group, and Wilmar.
In November 2025, Paywatch closed a US$20 million Series A round co-led by Kakao Pay and Artem Ventures. Its total capital raised exceeds US$50 million when combined with earlier equity rounds and credit lines. The company has reportedly processed over US$200 million in transactions.
"Financial stability is a fundamental right," said Alex Kim, President of Paywatch. "We are on a mission to build an equitable system where every worker can access secure, equitably priced financial services."
Beyond EWA, Paywatch is developing into a next-generation Employee Assistance Programme. It has built cross-border remittance infrastructure for foreign workers, a fee-free bill payments system, and a healthcare module covering insurance and medical costs.
Versa Democratizes Wealth Management Tools
Versa is a digital wealth management platform licensed by Malaysia's Securities Commission in 2021. It offers savings, investment, and retirement planning tools. A key product is a cash management tool that provides returns on par with fixed deposits but with similar liquidity as a regular savings account.
"Cash management solutions were traditionally only accessible to sophisticated investors and not readily available to all Malaysians," said CEO Teoh Wei-Xiang. "We are democratising access to such products."
Four years after its January 2021 launch, the fintech has about 450,000 registered users. Ninety percent are aged 40 and below. A detailed breakdown of its user demographics is provided below.
| User Demographic | Percentage of Total Users |
|---|---|
| Aged 30 and below | 59% |
| University students | 20.4% |
| Female users | 40% |
"We helped Malaysians, especially the youth, save almost RM500 million in 2024 alone," Teoh elaborated. The platform offers nearly 20 conventional and Shariah-compliant funds, Private Retirement Scheme (PRS) planning, and a gamified engagement feature called Versa Quest.
In March of last year, Versa closed a RM30 million Series A round led by AHAM Asset Management Berhad. This funded its target of reaching one million users by 2027.
Get Hyred Focuses on Skills and Employability
Get Hyred addresses the supply-side gap in the gig economy by focusing on employability rather than direct financial products. Its solution helps gig workers build skills, credentials, and access income opportunities for longer-term mobility.
At its center is the Zasss marketplace. It matches young gig workers to flexible earning opportunities while integrating access to skills-building modules. The platform combines income generation with capability development.
Within the Financial Innovation Gig Economy Challenge framework, Get Hyred addresses the fourth pillar of financial health: sustained earning power. It frames the gig economy as a pathway for progression, linking work opportunities with skills development to help workers move into more sustainable employment.
Through the Malaysia Digital initiative, MDEC continues to support these MD status companies. Their efforts contribute to the Malaysia Digital 2030 (MD2030) aspirations to position Malaysia as a digital leader.
