Hong Leong Bank announced the launch of the HLB Salary Advance Employer Solution in partnership with Paywatch Malaysia Sdn Bhd ("Paywatch"), making it the first bank in Southeast Asia to back an Earned Wage Access solution. This innovative EWA solution aims to empower Malaysians by providing them with easy access to their earned salaries, and is set to transform the way businesses offer and manage their advanced salary payouts. The HLB Salary Advance Employer Solution is a simple, seamless digital platform that enables employees to withdraw up to 25% of their monthly earned salaries, whenever the need arises.

There are no interest or late charges, except for a nominal service fee of MYR 2 per withdrawal. According to a recent survey conducted by the Bank which involved 420 Malaysian employees and employers, it was found that respondents desire easy access to their wages and better financial control, particularly in times of emergency. The survey also revealed that employees often feel uncomfortable requesting a salary advance from their employers due to emotional factors.

On the other hand, employers ranked the ability to support their employees with flexible and quick access to their salaries during emergencies as a top priority in salary management. Employers also cited other benefits of a fully-automated EWA solution, such as improving cash flow management, reducing paperwork, and increasing employee satisfaction. On the employers' end, the solution is designed to be seamless, secure, and convenient.

There is no cash flow impact, no deposit required, and no integration with any company software.