[This is a sponsored article with Malaysia Digital Economy Corporation (MDEC).]
Did you know? In 2026, Malaysia’s gig economy was reported to comprise a massive workforce of 1.64 million platform workers and non-platform workers.
From food delivery and e-hailing riders to freelancers and independent contractors, these workers had no payslips to show banks, no steady income to qualify for credit, and no savings infrastructure designed for their irregular earnings pattern.
This evolving employment landscape presents unique financial challenges, leaving many gig workers more vulnerable to income disruptions and unexpected expenses.
In response, various initiatives have emerged in recent years to strengthen financial inclusion and improve financial security for this growing workforce.
One such initiative is the Financial Innovation Gig Economy Challenge, highlighted during APEC Malaysia 2020. The challenge sought innovative solutions to improve the economic and financial well-being of gig workers across four key pillars of financial health: spending, saving, borrowing and financial planning.
What’s the Financial Innovation Gig Economy Challenge?
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 Financial Innovation Gig Economy Challenge called for innovative solutions to improve the financial well-being of gig workers. The initiative reflects MDEC’s commitment to accelerating digital innovation while supporting the growth of Malaysia’s digital economy through the Malaysia Digital (MD)national strategic initiative.
It attracted over 100 submissions globally, with 10 teams selected for an intensive eight-week bootcamp and innovation programme. Using Malaysia as a testbed, participants refined their solutions through:
- industry insights,
- human-centred design tools,
- mentorship, and
- access to key ecosystem players.
Three winning solutions were selected to pilot and scale their solutions with gig workers in Malaysia.
As Malaysia Digital (MD) status companies, Paywatch, Versa, and Get Hyred were recognised for their potential to strengthen employability and financial health through innovations such as app-based training, income-smoothing tools, and accessible savings solution, while contributing to Malaysia’s growing digital economy.
Here’s how each of these platforms addressed different challenges faced by our gig workers, from earning and managing money to building long-term financial resilience and career growth.
1. Paywatch: Earned Wage Access as a Banking Bridge
Founded in 2020 and headquartered in Kuala Lumpur, Paywatch is one of Southeast Asia’s leading financial wellness platforms and the region’s largest provider of Earned Wage Access (EWA) solutions.
For many gig and frontline workers, where income can be irregular and cash flow tightly tied to pay cycles, this approach helps bridge the gap between work completed and wages received. Workers across Malaysia, the Philippines, Indonesia, Singapore, Hong Kong, and South Korea are able to access wages they’ve already earned anytime before payday.
Centered on its EWA offering, Paywatch’s mission is to help employees manage their finances more effectively, from avoiding unnecessary loans to making more mindful use of their income. This is increasingly relevant as EWA adoption spreads across industries with large frontline and hourly workforces.
Some notable multinational companies adopting Paywatch’s solution include DFI Retail Group (Guardian), Genting Group, Shangri-La Hotels, Lotus’s (CP Group), Shake Shack, A&W, Lotte Group, and Wilmar.
Closing a US$20 million Series A round co-led by Kakao Pay and Artem Ventures in November 2025, Paywatch’s total capital raised has surpassed US$50 million when combined with earlier equity rounds and credit lines from global banks.
Fun fact: Paywatch has reportedly processed over US$200 million in transactions. MDEC also shared that the company has been featured in financial inclusion-related studies and broader ecosystem initiatives connected to the UNCDF and the ILO, underscoring its impact-focused approach to improving wage access for workers.
“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. For these workers, this level of financial freedom and inclusion should not be seen as a privilege, but as standard.”
The company’s growth also reflects the strength of Malaysia’s fintech ecosystem in developing scalable digital solutions that address real-world challenges locally and across the region.
Beyond enabling early wage access, Paywatch is further positioning itself as a next-generation Employee Assistance Programme (EAP). It has developed its own cross-border remittance infrastructure to help foreign workers send money home instantly, a fee-free bill payments system lets workers stay on top of recurring expenses, and a healthcare module covering insurance and medical costs.
2. Versa: From Cash Management to Wealth Democratisation
Versa is a digital wealth management platform that allows users to save, invest, and access retirement planning tools. Among its offerings is a cash management tool that provides returns on par with fixed deposits, but with similar liquidity as a regular savings account.
As the first e-service platform licensed by Malaysia’s Securities Commission in 2021, its products are built within a regulated framework aimed at broadening access to wealth management tools.
“Cash management solutions were traditionally only accessible to sophisticated investors and not readily available to all Malaysians. We are democratising access to such products together with Affin Hwang AM to bring these solutions to every Malaysian regardless of wealth status,” said Teoh Wei-Xiang, CEO of Versa, in a press release.
Four years after its official launch in January 2021, the fintech startup has captured about 450,000 registered users, with 90% aged 40 and below.
Breaking the numbers down, 59% of its total users are aged 30 and below while 20.4% are university students. Gender-wise, 40% of its total users are female, which is notable in a sector that historically skews male.
“We helped Malaysians, especially the youth, save almost RM500 million in 2024 alone,” the CEO elaborated.
Aside from cash management, Versa has since expanded into a robust wealth platform offering nearly 20 conventional and Shariah-compliant funds, retirement planning through the Private Retirement Scheme (PRS), and a gamified engagement feature called Versa Quest to build savings habits among young users.
The platform’s commercial trajectory was validated again in March last year when Versa closed a RM30 million Series A round led by AHAM Asset Management Berhad, with participation from notable individual investors. This latest round funded its target of reaching one million users by 2027. Its continued expansion demonstrates how Malaysian fintech companies are creating innovative financial solutions with strong regional growth potential.
3. Get Hyred: Closing the Employability Gap
Where Versa offers fixed savings and Paywatch fixed cash flow, Get Hyred addresses the supply-side gap in the gig economy by focusing on employability rather than financial products.
Its solution is designed to help gig workers build skills, credentials, and access income opportunities that support longer-term upward mobility.
At the centre of its offering is the Zasss marketplace, which matches young gig workers to flexible earning opportunities while integrating access to skills-building modules.
The platform combines income generation with capability development to strengthen both immediate earning potential and longer-term career pathways.
Within the broader Financial Innovation Gig Economy Challenge framework, Get Hyred complements solutions like Paywatch and Versa by addressing the fourth pillar of financial health—sustained earning power.
Rather than positioning the gig economy solely as a source of short-term income, GetHyred frames it as a pathway for progression. By linking work opportunities with skills development, the platform seeks to help workers move from entry-level gig roles into more sustainable forms of employment over time, supporting Malaysia’s efforts to develop a future-ready digital workforce.
Closing the Gig Economy Financial Gap
Through the Malaysia Digital (MD) initiative, MDEC continues to support high-potential MD status companies such as Paywatch, Versa and GetHyred in developing innovative digital solutions that address real-world challenges while strengthening Malaysia’s digital economy. These efforts contribute to the aspirations of Malaysia Digital 2030 (MD2030) to position Malaysia as a globally competitive digital nation. From improving cash-flow stability and enabling structured savings, to expanding access to wealth-building tools and addressing long-term employability, each solution targets a different stage of a gig worker’s financial journey.
While the nature of gig work continues to evolve, the cohort of solutions highlights how financial inclusion is no longer only about access to services, but about building systems that support resilience, mobility, and sustainable earning power over time.
- Learn more about MDEC and the MD Status here.
- Read other articles we’ve written about Malaysian startups here.
Feature Image Credit: PayWatch
