In today's fast-paced world, financial stress can strike at any moment. Many employees find themselves in situations where they need access to their salary before the end of the month, whether it's for unexpected emergencies, sudden financial obligations, or simply to alleviate the burden of financial stress. In such instances, employees may resort to borrowing money from their peers, leading to strained workplace relationships, or their work performance may suffer due to distraction and overwhelming financial worries.
But what if there was a solution to bridge the gap between paydays? We're thrilled to launch MyUpah, an innovative Earned Wage Access (EWA) platform poised to redefine the relationship between employers and their workforce by addressing immediate financial needs and fostering long-term financial stability.
By allowing employees to access their earned wage early, MyUpah aims not only to alleviate the financial burden of employees but serves a noble purpose of eliminating the need to resort to predatory loans to meet their financial burden.
The Reality Check
MyUpah is a Malaysian founded ground-breaking Earned Wage Access (EWA) and employee financial wellbeing platform designed to empower employees by providing them with access to their earned wages when they need it most. MyUpah distinction is that it focuses on financial education and collaboration with employers to alleviate financial stress and promote long-term financial wellbeing.
According to a report in the Malaysia State of Consumer Credit 2022, an alarming trend is emerging, with consumers borrowing more than ever. Three out of ten people now have at least one personal loan account, and two-thirds of Malaysian consumers own a credit card, carrying an average outstanding credit card balance of RM11,955 per person. These statistics suggest that many individuals are resorting to quick cash for short-term financial relief, potentially leading to a reduction in credit scores and a never-ending debt cycle.
With MyUpah's EWA facility, it is not a financial loan or credit facility; but it's a portion of their earned salary that they can access early. This eliminates the need to wait until the end of the month when financial needs are most pressing, reducing reliance on expensive short-term loans, predatory credit options and does not impact their credit score.
Meet The Visionaries Behind MyUpah
MyUpah was founded by a team of industry experts, including Simon Lau, YK Lai, Premjit Singh, and Thomas How. Simon Lau, serving as the Chief Executive Officer of MyUpah, leads the team in driving the platform's strategic direction and operational excellence. YK Lai, the Managing Director, leverages his extensive experience to ensure that the platform remains true to its mission of empowering employees with timely access to earned wages, promoting financial literacy, and enhancing overall wellbeing.
"At MyUpah, we understand that financial stress can significantly impact an employee's overall wellbeing and productivity. With MyUpah, employees can access a portion of their earned wages when they need it most, reducing the reliance on expensive short-term loans or credit options. To the employer, this service eliminates the need to fronting the funds from their operational capital to cover these payouts," said Mr. Simon Lau, Chief Executive Officer of MyUpah.
Don't let payday stress hold you back; MyUpah is here to empower you.
This article is provided by MyUpah Technology Sdn Bhd, a subsidiary of HR Edge Consulting Sdn Bhd
The views expressed here are those of the author/contributor and do not necessarily represent the views of Malaysiakini.
