KoinWorks Releases KoinGaji, Enables Employees to Disburse Salaries Early

KoinWorks has officially introduced their newest service, KoinGaji. This service allows employees of business partners to withdraw their salaries early or better known as salary advance. KoinWorks itself is trying to become "SuperFinancial App" in Indonesia with 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 in solving one of the obstacles to their employees, especially during the pandemic and new normal this, without disturbing cash flow from the company so that employee productivity and loyalty to the company will be better maintained, especially in the face of new normal like today," said KoinWorks Co-founder & CEO Benedicto Haryono.

Transaction mechanism

KoinGaji itself allows employees to apply for salary disbursement up to 70% early if the company they work for is already a KoinGaji partner. If the documents and requirements have been met, the claimed fund disbursement process will only take 1x24 hours.

As for the refund process, the funds that have been disbursed will be deducted from the monthly salary and no interest obligations will be charged to employees. All processes take place digitally so that KoinGaji is claimed not to interfere cash flow and time consuming in the process.

For companies that have partnered with KoinGaji, they only need to prepare some information such as full names, phone numbers, email, ID card numbers, monthly salary figures, and employee account numbers to be entered into the KoinWorks system later.

"This data will of course be kept confidential by KoinWorks and only used for the purposes of the KoinGaji program. Furthermore, the entire application and disbursement process can be carried out by employees directly on the KoinWorks application. Every month KoinWorks will also send reports regarding employees who use KoinGaji and the total disbursement of salaries made," explained Benedicto.

For companies who want to partner, KoinWorks provides a form via the link http://bit.ly/koingajiform. Meanwhile, employees of companies who have partnered only need to access the KoinWorks application. Those whose data has been integrated with the KoinWorks system only need to verify the data during the registration process in the application, then they can submit applications.

"Currently KoinWorks has collaborated with Gadjian, GreatDay, and Talenta. The form of cooperation that KoinWorks is doing apart from offering KoinGaji is employee loans in the form of installments to partners who have worked with KoinWorks. In addition, KoinWorks also collaborates with various platforms to improve employee financial literacy and financial or business development solutions for business people," added Benedicto.

He also emphasized that they developed KoinGaji as a form of commitment to present a range of financial products, both personal and business. The hope is to be able to present solutions for business people and businesses in Indonesia who want to further encourage the welfare of their employees. This includes helping businesses during a pandemic and new normal this.

"At the beginning of this launch, there were still less than 10 companies that have joined but the response of business owners/HRD to KoinGaji is very good. More than 80% of the companies we are talking to are currently discussingexplore more deeply related to the KoinGaji process," said Benedicto.

Last April KoinWorks was successful securing new funding amounting to Rp316 billion. Quona Capital, EV Growth, and Saison Capital are involved in equity funding. As for the loans they get from two financial institutions from Europe.