KoinWorks Introduces KoinGaji, Offering Salary Advance for Employees

KoinWorks officially introduces its latest service, KoinGaji. It allows employees of business partners to withdraw their salaries early or better known as salary advance. KoinWorks alone intends to become a "Super Financial App" in Indonesia through all its innovations and services in the financial sector.

"Employee performance is very important for the success of the company. The presence of KoinGaji is expected to be able to help business actors solve one of the obstacles to their employees, especially during the pandemic and new normal, without disrupting the cash flow of the company so that employee productivity and loyalty to the company will be better maintained, especially in facing a new normal period like today," Co-founder & CEO of KoinWorks Benedicto Haryono said.

Transaction mechanism

KoinGaji allows employees to submit early salary disbursements up to 70% whether the company is a partner of KoinGaji. When the documents and requirements have completed, the disbursement process is claimed to take only 1x24 hours.

As for the refund process, the disbursed funds will be deducted from the monthly salary and there is no interest charged to employees. All processes take place digitally, therefore, KoinGaji is claimed to not interfere with cash flow and take time in the process.

Companies that have partnered with KoinGaji only need to prepare some information such as full names, telephone numbers, e-mails, KTP numbers, monthly salary figures, and employee account numbers to be entered into the KoinWorks system later.

"In fact, KoinWorks will keep this data confidential and will only be used for the purposes of this KoinGaji program. Furthermore, the entire application and withdrawal process can be done by employees directly in the KoinWorks application. Every month, KoinWorks will send reports about employees who use KoinGaji and their total amount of disbursement made," Benedicto explained.

For companies intend to register as a partner, KoinWorks provides a form via the link http://bit.ly/koingajiform. Meanwhile, employees of partner companies only need to access the KoinWorks application. Those whose data has been integrated with the KoinWorks system only needs to verify the data during the registration process in the application in order to submit disbursement.

"Currently, KoinWorks has collaborated with Gadjian, GreatDay, and Talenta. Apart from KoinGaji, KoinWorks also offers employee loans in the form of installments to partners who have collaborated with KoinWorks. In addition, KoinWorks also collaborates with various platforms to improve employee financial literacy and financial or business development solutions for business players," he added.

He also emphasized on KoinGaji's role as a form of commitment to presenting a series of financial products, both personal and business. It is expected to be able to present solutions for businesses and businesses in Indonesia who want to further encourage their employees welfare. This includes helping businesses in this pandemic and new normal situation.

"Earlier, there were less than 10 companies joined the platform, but the response from the business owner/HRD to KoinGaji was very good. More than 80% of the companies we were talking to explore further about the KoinGaji process," Benedicto said.

Last April, KoinWorks managed to secure new funding of IDR316 billion. Quona Capital, EV Growth, and Saison Capital are involved in equity financing. In terms of debt funding, comes from two European financial institutions.

– Original article is in Indonesian, translated by Kristin Siagian