Wednesday, December 8, 2021
Choi Si-won Invest in Paywatch
Choi Si-won, a South Korean singer-turned-actor from SM Entertainment’s boy band Super Junior, has invested in gig worker fintech platform operator Paywatch, joining increasing number of celebrities in the country to break into tech investing.
Paywatch Korea announced Wednesday that Choi has recently pledged to invest in its blockchain-based fintech service for gig workers as he reportedly empathized with the company’s mission of addressing financial issues faced by gig workers in the pandemic era.
Paywatch operates a fintech platform offering advance payment services for gig workers such as platform workers, part-timers and freelancers. Gig workers record their work hours on the app and earn mileage points which can be converted into cash, allowing workers to resolve cash flow issues between paychecks without turning to high-interest informal lenders.
Paywatch is the first Korean company to be selected as one of the three winners in the United Nations Capital Development Fund (UNCDF) Gig Economy Challenge 2020. The company was also named as an innovative financial service provider by the Financial Services Commission in 2019 and participated in the social enterprise incentive program launched by SK group in 2020.
It has recently entered into partnership with local welfare service provider Hyundai Ezwel to launch a discount shopping mall for Paywatch users.
Choi has been an active donor to socially responsible causes. He participated in the World Knowledge Forum 2021 as the regional ambassador of UNICEF in September and in November, became a member of UNICEF Honors Club—a select group of donors who have contributed at least 100 million won ($850 million).
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