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    Author: GIMO TEAM

    Social Impact Fintech GIMO Raises US$17.1M To Fuel Expansion And Bridge Financial Inclusion Gap In Vietnam

    Posted on by GIMO TEAM

    Hanoi, Vietnam, July 24, 2023

    GIMO, a Vietnam-based startup providing flexible pay and financial well-being solutions for underbanked workers, announces the completion of Series A funding round with total capital raise of up to US$17.1 million.

    The final closing, comprised of a mixture of equity and debt financing, came only five months after the company secured US$5.1 million in the first close. The round is led by TNB Aura, with participation from the company’s existing backers including Integra Partners, Resolution Ventures, Blauwpark Partners, ThinkZone Ventures, and Y Combinator. New investors joining this round are global corporate ventures such as Genting Ventures, TKG Taekwang, George Kent and Asia-focused private credit financier, AlteriQ Global.

    Charles Wong, Founding Partner of TNB Aura shared, “We look forward to working closely with the GIMO team in breaking down barriers to financial inclusion for millions of blue-collar workers across Vietnam. Especially in challenging macroeconomic times such as these, GIMO’s mission to empower workers to “Live Better. Work Happier” is even more critical.”

    Photo: Manufacturing Employees Excited about GIMO’s EWA solution

    GIMO currently serves 500,000 workers from medium to large-sized multi-national manufacturing companies across Vietnam. Despite economic slowdown in 2023, the company demonstrates a solid growth rate of 15% and is on track to reach 2.5 million underbanked employees by 2025.

    “We believe that the Vietnam market is ripe for the adoption of Earned Wage Access, which will drive financial inclusion and stability for the underserved. At AlteriQ, we consistently strive to forge partnerships with top-tier business operators across industries and geographies. Our decision to support GIMO marks our debut into Vietnam, and we are excited to work with Quan and his team to scale their operations and create a positive impact on the financial well-being of the underserved communities,” commented Zhi Yong Heng, Managing Partner of AlteriQ Global.

    The investment will be utilized to fast-track the company’s expansion plans and drive innovation across its product portfolio, including:

    • Product development: GIMO will allocate a significant portion of the funds to bolster its research and development efforts. This investment will accelerate GIMO’s product development, introducing more social impact initiatives, helping the underbanked workers to avoid debt traps and loan sharks while improving their financial well-being.
    • Customer Success: GIMO remains committed to providing unparalleled customer experiences. A portion of the investment will be dedicated to enhancing customer success and support initiatives, ensuring that users receive the best-in-class services from GIMO.
    • Strategic partnerships: GIMO will leverage the funding to forge strategic alliances with key partners and industry leaders. These partnerships will foster collaboration, create synergies, and launch new social impact initiatives.

    “We are thrilled to announce the successful closing of our Series A funding round, which demonstrates the unwavering confidence and support we have received from investors”, said co-founder and CEO Quan Nguyen. “This significant investment will enable us to drive our vision forward, fuel innovation and continue to serve the underserved communities in which we live and operate.”

    Photo: GIMO Team

    According to the KPMG’s research in 2022, an average user draws down their earned pay two to three times per month, almost simulating bi-weekly and weekly pay. The use cases for on-demand pay are also wide-ranging. A flexible pay cycle takes the burden off blue-collar workers’ shoulders by helping them pay for not only financial emergencies but everyday bills./.

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    About GIMO 

    GIMO is a Vietnam-based social impact fintech startup providing flexible pay and financial well-being solutions for underbanked workers. We strive to better the financial lives of Vietnamese underbanked workers via a set of mobile-enabled financial solutions that starts with on-demand pay. Currently, approximately 500,000 workers from nearly 100 businesses can get on-demand access to their earned wages with GIMO.

    For more information, please visit our website www.gimo.vn

     

    About TNB Aura

    At TNB Aura, we are investing in and helping to build the future of Southeast Asia. As a thesis-led, high-conviction venture capital firm, we use data-driven methodologies to identify and invest in select companies that are primed for the future and ready to change the very face of their categories. An approved co-investment partner of Enterprise Singapore, we invest US$2-10 million into Series A and B tech startups – and beyond that, we become true partners in their quest to uplift lives of The Next Billion.

    http://www.tnbaura.vc

    FinTech startup GIMO hits first close of Series A at $5.1 million 

    Posted on by GIMO TEAM

    Hanoi, Vietnam – Vietnam’s fintech start-up GIMO today has announced the first close of its Series A funding with a US$5.1 million investment led by TNB Aura.  

    Other investment firms joining the round are returning investors including Integra Partners, Resolution Ventures, Blauwpark Partners, ThinkZone Ventures, and Y Combinator.  

    GIMO’s latest financing follows a year of remarkable growth. With a solid 24x year-on-year revenue growth and an 11x year-on-year transaction volume increase, the company has delivered one of the favourite financial apps for Vietnamese financially underserved workers.

    With a solid 24x year-on-year revenue growth and an 11x year-on-year transaction volume increase, the company has delivered one of the favourite financial apps for Vietnamese financially underserved workers.
    With a solid 24x year-on-year revenue growth and an 11x year-on-year transaction volume increase, the company has delivered one of the favourite financial apps for Vietnamese financially underserved workers.

     

    “The fresh capital will bolster our product innovation that appeals to the underserved workers and drive revenue growth. Our team has been incubating a suite of digital financial solutions and expect to launch in the months to come”, said Quan Nguyen Co-founder and CEO at GIMO.  

    In 2021, the start-up secured a US$1.9 million Seed extension round and is currently in the process of raising debt capital. 

    Loan sharks prey on vulnerable workers with Lunar New Year just around the corner

    Posted on by GIMO TEAM

    Unscrupulous lenders could try to cash in on the upcoming Lunar New Year holiday as blue-collar workers cope with the festive spending.

    Predatory lenders prey on blue-collar workers as the Lunar New Year approaches

    The 2022 survey of the Vietnam General Confederation of Labor revealed nearly 59% of workers had no savings, 38% were in debt, and 14% struggled to repay debts on time, making them vulnerable targets of predatory lenders [1]. At this time of year, people can be even more susceptible to falling prey to loan sharks due to the financial pressures of the Lunar New Year.

    At this time of year, people can be even more susceptible to falling prey on loan sharks due to the financial pressures of Lunar New Year.
    Workers can be even more susceptible to falling prey to loan sharks due to the financial pressures of the Lunar New Year.

    Predatory lenders would take advantage of these festive financial demands and lure workers with irresistible offers, such as quick cash disbursement, with no collateral required. In the run-up to the biggest holiday of the year, workers can’t help but accept.

    But the truth isn’t pretty. Workers would have to bear exorbitant annual interest rates of up to 1,000% and violence threats from lenders. Businesses and labour unions also bear the consequences. Many labour union representatives have been harassed and tarnished by loan sharks.

    On-demand pay – A financial safeguard for workers

    Many companies have leveraged technological solutions to help their workers avoid loan sharks, debt traps and better their financial health.

    One is earned wage access, also known as on-demand pay, with GIMO being the pioneer provider. GIMO helps workers access a portion of their monthly earnings before payday via a mobile app. No interest rates and no hidden fees. GIMO currently serves nearly 500,000 workers from approximately 100 businesses across the country, empowering them to better their financial lives.

    GIMO helps workers access a portion of their monthly earnings before payday via a mobile app.
    GIMO helps workers access a portion of their monthly earnings before payday via a mobile app.

    According to a survey by GIMO, 40% of the surveyed employees have stopped or reduced the use of informal financial services such as quick loans or pawnshops since having access to on-demand pay. Ms Hang Nguyen, a worker in Bac Giang, shared that GIMO helps her be more proactive when it comes to unexpected expenses, such as paying for her children’s school fees or the family’s living expenses.

    Urgent financial needs remain a pain point for many Vietnamese blue-collar workers. Yet, unable to reach formal financial institutions, they must turn to loan sharks for help. Digital financial solutions like on-demand pay can be of help by empowering workers to access their pay anytime-anywhere, hence tackling their expenses.

    Reference:

    [1] http://hanoimoi.com.vn/ban-in/Xa-hoi/1051183/dong-hanh-voi-doanh-nghiep-nguoi-lao-dong-vuot-qua-kho-khan

    GIMO x T&C Garment – Bettering workers’ lives with financial welfare

    Posted on by GIMO TEAM

    Introduction

    T&C Garment Company Limited is one of the most prominent garment enterprises in Nam Dinh province, exporting to demanding markets such as the US, Europe, Korea, and Japan. Founded in 2012, T&C Garment has made steady progress, affirming the brand’s industry reputation [1].   

    Embracing a people-centric culture, Mr Trung Nguyen – CEO, was looking for a financial wellness program that helps the workforce with their financial struggles. Since 2021, T&C Garment has joined hands with GIMO – a leading on-demand pay solution provider in Vietnam- hoping to better their staff’s financial lives.  

    The Challenge: Unexpected expenses don’t wait for payday  

    Unexpected expenses can come out anytime in the month, and being paid once a month can leave employees feeling financially vulnerable. In such times of financial distress, workers would have to withdraw their savings or even get tangled in predatory financial services, said Mr Trung. 

    T&C Garment looks to make life a little easier for their workers. Enter on-demand pay.  

    The Solution: Get paid on-demand  

    Partnering with GIMO, T&C Garment offers their employees anytime, anywhere access to accrued wages to relieve the financial stress they sometimes encounter due to unplanned expenses between paychecks.   

    GIMO worked closely with the company to organize a series of workshops to ensure all employees clearly understand the new financial welfare program.  

    Partnering with GIMO, T&C Garment offers their employees anytime, anywhere access to accrued wages to relieve the financial stress they sometimes encounter due to unplanned expenses between paychecks.   

    The Results

    GIMO takes the financial burden off workers’ shoulder

    63% of surveyed workers turn to on-demand pay for living expenses such as house rent, utility bills, and child’s tuition fees. 

    A T&C Garment worker shared, “Now that I have GIMO, my child’s unexpected school fee was quickly and easily handled. I wouldn’t have to borrow from others anymore.”  

    80% of the workers surveyed said that on-demand pay reduces their financial anxiety.  

    Workers can unlock a portion of their earnings anytime, anywhere, with only a few touches on GIMO’s mobile app. On-demand pay hence reckons a practical solution to helping employees cope with unease over finances when payday is far away. 

    T&C Garment benefits from a more engaged and healthier workforce

    Nearly 100% of the employees participating in the survey claimed they were happier working with the company.   

    It’s truly a win-win situation for both the employer and their employees. The financial wellness program makes a visible difference to the workforce. More engagement, more positivity, and more focus are all present.  

    61% of the surveyed workers have stopped using informal financial services since receiving on-demand pay.  

    According to T&C Garment, some of their employees relied on usury loans as a band-aid solution before GIMO’s on-demand pay program was applied. The situation caused them to suffer dreadful financial and mental consequences.   

    By unlocking the set-in-stone pay cycles, GIMO provides T&C Garment’s workers with a safe and responsible rainy-day fund to rely on in times of need: “Thanks to GIMO, I can receive my salary in just a few minutes with no need to borrow” – A worker at Garment T&C shared.   

    Through their partnership with GIMO, T&C Garment has granted their staff greater power over pay and a responsible alternative to borrowing or even predatory lending for expenses between paychecks, thus nurturing a more financially resilient and engaged workforce.  

    How to end the reign of predatory lending?

    Posted on by GIMO TEAM

    Struggling with unexpected expenses while formal financial services are not always within reach, many workers must resort to predatory lending. This seemingly quick-and-easy solution can be severely harmful. The workers shared such alarming reality on The 9th+ Hour Gameshow, co-produced by the General Confederation of Labor and Vietnam Television.   

    Loan sharks are preying on the workers’ urgent needs.   

    The reality is not only true for Binh Duong’s workers. In fact, according to a survey by the labour union, over the past five years, more than 30% of workers have had to borrow money to meet immediate financial needs such as paying their children’s school fees and handling medical bills.  

    Predatory lenders take advantage of these urgent needs and lure workers using irresistible offers such as instant cash loans in one hour, no collateral required. In desperate need, the workers can’t help but accept.  

    Consequently, workers have to bear exorbitant interest rates of up to 1,000% per month and threats from lenders. Businesses and labour unions also bear the consequences. During the discussion with Prime Minister Chinh Pham on June 12, labour union officials called for help, having been constantly harassed and tarnished by loan sharks.   

    Workers need support from the Government and businesses.   

    To fight predatory lending, state agencies are now focusing on promoting formal financial services. Last July, the Vietnam General Confederation of Labor coordinated with the State Bank of Vietnam to deploy a loan package worth VND 20,000 billion, hoping to provide workers with access to safer financial alternatives.   

    As for businesses, enhancing employee welfare can be efficient. In particular, many companies have leveraged technological solutions to help their workers avoid loan sharks, debt traps and better financial health.   

    One of which is earned wage access, also known as on-demand pay – a newly introduced welfare program with GIMO being the pioneer provider. GIMO helps workers access a portion of their monthly earnings before payday. Powered by a mobile application, the on-demand pay solution is risk-free, with zero interest rates and hidden fees. GIMO is currently helping over 200,000 workers from nearly 80 businesses across the country get access to their earned yet unpaid wages.   

    Thoát lưới tín dụng đen - 2

    As surveyed by GIMO, 40% of workers no longer or have limited the use of predatory lending, such as loan sharks or pawnshops, since offered on-demand pay. In their own words, Mr N.M.H – a user of GIMO, shared his story: “At that time, I didn’t have enough money for rent. Fortunately, I remember GIMO. Without GIMO, I would have had to pawn something to get the money I needed.”   

    On the game show The 9th+ Hour, Ms Nguyen Thi Nhung – Deputy Head of the Women’s Department, Vietnam General Confederation of Labor, emphasized that on-demand pay is a practical welfare program, supporting workers to overcome financial difficulties in life and contribute to fending off predatory lending.   

    Urgent financial needs remain the pain point for many Vietnamese workers. Yet, unable to reach formal financial institutions, they must turn to loan sharks for help. The vital role in resolving such issues lies in the hands of businesses, government entities and formal financial institutions.

    GIMO accompanies Binh Duong’s workers in the first “The 9th+ Hour” episode

    Posted on by GIMO TEAM

    Airing on 31st July 2022, “The 9th+ hour” episode centered on the work-life stories of factory workers in Binh Duong province, part of the Southern Key Economic Region in Vietnam.  

    This was the first episode of “The 9th+ hour” show that GIMO co-produced with the General Confederation of Labor and Vietnam Television.  

    Participating in the gameshow were Mr. Tiem Vu – Deputy Head of Publicity and Education Commission; Ms. Nhung Nguyen – Deputy Head of Women’s Affairs Commission and Ms. Le Bui – Chief Marketing Officer of GIMO. 

    The episode started with the “On Shift” round, where contestants displayed flawless production skills, leaving the audience in awe. 

    On the other hand, the “Shift Break” round delved into the contestants’ working life. While the “Breakthrough” team shared the details of an exemplary worker jumping hurdles and navigating roadblocks, the “Pioneer” team brought up predatory lending, which is wreaking havoc on the workers’ community. 

    Unexpected expenses sometimes incur, but not all workers can access responsible and affordable financial services. In desperate times, they must turn to predatory solutions that charge high-interest rates and use violent means to intimidate borrowers. This makes the workforce vulnerable to distress, and businesses face productivity loss.  

    To shield employees from dire financial situations, many company unions step up and embrace on-demand pay. Via a mobile app, workers can access their earned yet unpaid wages any time before their payday, steering away from loan sharks.  

    Ms. Nhung Nguyen highlighted that on-demand pay is a practical welfare initiative that could help employees overcome financial shocks and upend predatory lending.  

    In the last session – “Off Shift”, the contestants got tested on their knowledge of the labor regulations in Vietnam through picture quizzes and skits.   

    Ms. Le Bui - Chief Marketing Officer at GIMO awarded the Pioneer team
    Ms. Le Bui – Chief Marketing Officer at GIMO awarded the Pioneer team

    New episodes of “The 9th+ Hour” gameshow co-produced by GIMO air at 3:00 PM every Sunday, from 31/07 to 04/09/2022.  

    GIMO joins the Vietnam General Confederation of Labor in commemorating the 75th anniversary of the Invalids and Fallen Soldiers’ Day

    Posted on by GIMO TEAM

    HA GIANG, June 26, 2022. In commemorating the 75th anniversary of the Invalids and Fallen Soldier’s Day, GIMO accompanied the Vietnam Generation Confederation of Labor delegation in paying tribute to heroic martyrs at the Vi Xuyen National Cemetery. The delegation also visited and bestowed gifts to war invalids, their families, and households living under the poverty line.  

    The delegation was led by Mr. Hieu Ngo, Vice President of Vietnam General Confederation of Labor, with the participation of Ms. Le Bui, Chief Marketing Officer of GIMO.    

    Visiting the Vi Xuyen National Cemetery, the delegation offered incense to honor the courage and sacrifice of the fallen soldiers who gave up their lives to build what we enjoy today.    

    GIMO accompanied the Vietnam Generation Confederation of Labor delegation in paying tribute to heroic martyrs at the Vi Xuyen National Cemetery
    GIMO accompanied the Vietnam Generation Confederation of Labor delegation in paying tribute to heroic martyrs at the Vi Xuyen National Cemetery

    Following the ceremony, the delegation paid a visit to two families of the local war invalids, encouraging them to take care of themselves and live up to the legacy of their fallen loved ones.   

    The three-day trip wrapped up at Bac Me District, where GIMO, alongside the Confederation, made donations to the less fortunate households.   

    On behalf of GIMO, Ms. Le Bui presented gifts of encouragement to people in the Bac Me district.
    On behalf of GIMO, Ms. Le Bui presented gifts of encouragement to people in the Bac Me district.

    Every year, on 27/7, the Vietnamese get to pay their respect to war invalids and fallen soldiers. This year, GIMO is honored to accompany Vietnam General Confederation on a series of welfare activities, further underpinning the fact that GIMO is dedicated to the community’s wellbeing.   

    GIMO and Ho Chi Minh’s Trade Unions of Industrial and Export Processing Zones to Upraise Workers’ Financial Wellbeing

    Posted on by GIMO TEAM

    HO CHI MINH CITY, July 29, 2022. GIMO and the Trade Unions of Ho Chi Minh City’s Industrial and Export Processing Zones signed a partnership agreement to uplift workers’ financial lives. 

    The signing took place during the 93rd Founding Anniversary Ceremony of The Vietnam General Confederation of Labour (July 28, 1929 – July 28, 2022) hosted by the Trade Unions. Signing on behalf of each party was Ms. Van Vu – President of the Trade Unions of Ho Chi Minh City’s Industrial and Export Processing Zones, and Mr. Quan Nguyen – Cofounder/CEO of GIMO.   

    GIMO and the Trade Unions of Ho Chi Minh City’s Industrial and Export Processing Zones signed a partnership agreement to uplift workers’ financial lives
    GIMO and the Trade Unions of Ho Chi Minh City’s Industrial and Export Processing Zones signed a partnership agreement to uplift workers’ financial lives

    The area of cooperation agreed between the two parties centers on elevating the local workforce’s wellbeing. GIMO is committed to increasing local workers’ access to a reliable and affordable digital financial solution, that is, on-demand pay, while actively engaging in welfare activities.    

    The Trade Unions currently represent 110,000 workers from the Linh Trung I, II; Binh Chieu, Cat Lai, and Saigon Hi-tech Industrial Parks. The agreement would lay a strong foundation for a more financially resilient employee force.  

    As part of the ceremony, GIMO also awarded 10 Nguyen Duc Canh scholarships to students whose families experienced financial hardship due to COVID-19.  

    GIMO awarded 10 Nguyen Duc Canh scholarships to students whose families experienced financial hardship due to COVID-19
    GIMO awarded 10 Nguyen Duc Canh scholarships to students whose families experienced financial hardship due to COVID-19

    In recent years, the union members have been encouraged and assisted by the welfare programs of the Trade Unions of Ho Chi Minh City’s Industrial and Export Processing Zones to settle their lives.  

    In recent years, thanks to the welfare programs initiated by Ho Chi Minh’s Federation of Industrial and Export Processing Zones, local workers now have more timely support and better focus at work. 

    GIMO in collaboration with the Trade Unions of Bac Ninh Industrial Zones to promote workers’ welfare

    Posted on by GIMO TEAM

    June 2022 marked the signing ceremony between GIMO and the Trade Unions of Bac Ninh Industrial Zones. The event laid a solid foundation for both parties to elevate local workers’ welfare.  

    This ceremony was participated by Mr. Nguyen The Quyet – President of the Trade Unions of Bac Ninh Industrial Zones, and Mr. Nguyen Van Ngoc – CPO and Co-founder of GIMO.    

    Source: Bao Lao dong
    Source: Bao Lao dong

    The Trade Union of Bac Ninh Industrial Zones reckons on-demand pay as a practical financial wellness benefit that fundamentally strengthens local workers’ wellbeing. The tech-enabled solution empowers businesses to be more agile around payday, thus nurturing a more financially resilient workforce 

    GIMO has also been an active partner in social activities held by the Trade Union. On July 3rd, 2022, at Kinh Bac Cultural Center (Bac Ninh), the 5th annual Workers’ Singing Contest was organized with the participation of GIMO.    

    GIMO's representative presented gifts to participating teams in the 5th Workers' Singing Contest in Bac Ninh.   
    GIMO’s representative presented gifts to participating teams in the 5th Workers’ Singing Contest in Bac Ninh.

    Bac Ninh is one of 7 provinces that make up Vietnam’s Northern key economic region and its industrial zones are creating jobs for over 300,000 workers. The partnership between GIMO and The Trade Unions of Bac Ninh Industrial Zones is expected to contribute to the well-being of these workers.   

    A Financial Safeguard for Blue Collar Workers

    Posted on by GIMO TEAM

    In 2022, the Vietnam General Confederation of Labor reports that there is a concerning 30 percent of blue-collar workers struggling with financial challenges [1]. Most of those workers remain susceptible to the predatory financial lifebuoy, as they calculate against inflation and insecurities.  

    This reality has triggered fintech companies to step up and empower Vietnamese workers to access responsible and affordable financial services.  

    1 OUT OF 3 BLUE-COLLAR WORKERS ACCEPTS LOANS ON THE REGULAR 

    According to Mr. Minh Vu, Director of the Institute of Workers and Trade Unions, many blue-collar workers negotiate for loans to make ends meet. 12% of them usually borrow money for daily expenses, 35.5% of them occasionally do so (once every 3 or 4 months), and 34.8% remain loaning around 1 to 2 times per year [1]. 

    The blue-collar majority rely on loans because they do not have savings. It can become more difficult to deal with unexpected times of sickness and promising shares for the future, like their medical bills and their kid’s tuition. These circumstances live off the even-worse situations of stagnant wages and limited entry into secured loans from accredited banks. These are among the reasons why workers find false shelter in informal financial services or even pledge their social insurance book.  

    Approximately 21% of surveyed workers have made at least one pledge from their social insurance book [2]. Workers have started withdrawing from their social insurance earlier than usual, somewhere under 40 years of age, and this mostly occurs among non-governmental businesses [3]. 

    The Ministry of Public Security reports alarming activities in predatory payday loans with the interest rate hanging at 90 – 100% per day and 700 – 1000% per month, forcing many businesses to issue their concerns to local authorities [4].  

    According to Mr. Tu Dao, Deputy Governor of the State Bank of Vietnam, to guide the society toward better security, it begs for not only the force of local authorities but also the momentum of technology-powered applications that delivers more microfinancing products and services for the underbanked population [4].  

    In the era of digital transformation, technology has the potential to close the financial inclusion gap. Among the emerging solutions, Earned Wage Access (EWA), or on-demand pay, enters the center of attention for both employers and their employees as a practical employee benefit.  

    EARNED WAGE ACCESS – A RESPONSIBLE FINANCIAL SOLUTION 

    EWA is technology-driven employee welfare that gives employees greater control over when to get paid.  

    In Vietnam, many businesses have already warmed up to the concept. From their June 2022 issue of “On-Demand Pay Unfolded: Payroll Unchained for the Vietnamese Underbanked”, GIMO, the leading provider of on-demand pay promises great potential in improving employee financial health.  

    79% of workers report that GIMO’s solution helps them feel less stressed about personal finance. Mr. Long Doan, a factory worker at NEWSTARS garment factory in Thai Binh (VN), shares that early access to wages has improved flexibility in his monthly expenses, especially in times of emergencies. With GIMO, Long can better focus on his work, laying a stronger foundation for his finances.  

    The on-demand pay employee benefit helps workers gain greater control over their personal finance.  
    The on-demand pay employee benefit helps workers gain greater control over their personal finance.

    Most importantly, since enrolling in on-demand pay, 40% of surveyed workers no longer use or rely less on informal financial services. With easy navigation on a smartphone, workers can now access their earned wages in case of necessity instead of making do with loan sharks or pawn shops.  

    For employers, on-demand pay brings proven benefits to human resources management. 80% of workers feel more satisfied with the company’s policy since the application of EWA [5]. According to Ms. Huong Nguyen, factory manager at T&C garment company in Nam Dinh (VN), GIMO’s on-demand pay supports the company in improving their employees’ financial health, connecting them to the workforce, and bringing a new atmosphere to the workplace culture.  

    While millions of Vietnamese workers remain vulnerable to financial shocks, not all of them can access safe and affordable financial services. Statistics from the report by GIMO revealed that real-time access to earned wages can initially address some financial challenges facing the Vietnamese workforce. Meanwhile, introducing this welfare paradigm to millions of Vietnamese is a job of greatest patience, requiring on-demand pay solution providers to take into high consideration 

    To download the report “On-demand Pay Unfolded: Payroll Unchained for the Vietnamese Underserved”, please visit: https://report.gimo.vn/2022  

    References

    [1] 1/3 blue-collar workers accept loans on the regular to account for daily expenses, 2022 – Nghề nghiệp & Cuộc sống 

    [2] Low wage, increasing loans, where is the future for workers?. 2022 – VNEconomy 

    [3] 11% of workers pledge loans to pay for daily expenses, 2022 – Nhịp sống kinh doanh  

    [4] High-interest lending taking hostage in workers and industrial areas, where are we heading? 2022 – Lao động  

    [5] On-Demand Pay Unfolded: Payroll Unchained for the Vietnamese Underbanked, 2022 – GIMO