FORMERLY known as Uploan PH, SAVIi Asia has evolved during the pandemic by providing financial empowerment to over 400,000 employees in the Philippines.
As a start-up founded in 2017, SAVIi Asia saw the need to provide employees without prior access to formal credit (the usual prey of toxic alternative lenders) with a safe and affordable formal loan solution.
“Employee well-being is threatened by the increased financial demands of the pandemic. We are a platform that provides financial services to employees that other formal financial institutions are unable to provide.” Liam Grealish, chief executive and founder of SAVii, said.
The SAVIi platform offers financial education and mental health awareness training, as well as its financial services. Its services aim to improve employee well-being and reduce workplace stress. Liam Grealish explains that “[t]it builds a resilient workforce that could maintain focus and engagement that trickles down to the benefit of the business. »
Grealish also described that a silent revolution in employee behavior towards financial products is taking place below the surface; preferable to receive services through their employers in the form of benefits deducted from their salary rather than going directly to providers outside their company. This results in a more convenient and affordable consumer experience.
According to a SAVIi survey of 10,000 employees, 90% of working Filipinos prefer to access financial products through payroll deductions. A SAVIi spokesperson further stated that when fintech started, 40% of employees did not have access to financial products through payroll deduction, and that number has now dropped to 18%.
In 2017, only 3% of all active loans in the Philippines were issued by banks. Predatory lenders in the workplace were a problem for workers because they were the only option available. It caused them more pain financially than it helped them. The founders of SAVIi Asia were compelled to create a startup to simplify payday loans and provide emergency financing services to employees who would not qualify for bank loans.
Another issue arose when the pandemic began in 2020 – businesses and the workforce were hit with layoffs and closures. Companies faced the hurdle of taking exceptional care of their remaining employees whom they feared might fall ill. Employees, on the other hand, had increased financial stress as they not only had to deal with the uncertainty of Covid, but had to support their families who had lost their jobs or fallen ill. With the challenge faced by employers and employees, the team expanded its service offering to support BPO companies and large corporations, to improve employee well-being by expanding their services with Covid-19 insurance, a mental health support and more detailed financial education.
Head of category
During the pandemic, SAVii doubled its customer base to become the leader in its category. This brings them closer to their goal of transforming the lives of its partners’ employees by giving them reliable access to the financial power of their salary when they need it. HR departments benefit from improved employee well-being which improves loyalty and engagement.
SAVii is an innovative platform that provides HR managers with 360-degree salary-related wellness services. It has helped hundreds of thousands of employees in the Philippines and continues to provide safe, convenient and affordable loans, advances, additional support and financial empowerment, in which employers have no risk or liability of any kind. .