Administration of Equity Investment for Financial Wellness Holdings Pte. Ltd.

The transaction involves the administration by the Asian Development Bank (ADB) of an equity investment of up to $3,000,000, with an initial investment of up to $750,000 in a nonoperatingholding company called Financial Wellness Holdings Pte. Ltd. (Wagely) in Singapore to expand its operations in Indonesia (conducted through its operating Indonesian subsidiary, PT Gaji Pintar Indonesia), to be provided by the ADB Ventures Investment Fund 1 under the ADB Ventures Financing Partnership Facility. The balance of the approved equity amount may be invested in subsequent fundraising rounds that Wagely is expected to undertake. Consistent with the establishment arrangements for the fund, ADB will not invest its own capital alongside the fund.Wagely is a financial technology (fintech) company with primary operations in Indonesia that partners with employers to deliver financial wellness to employees by helping them overcome financial shortfalls between paychecks. Earned wage access enables employees to access their earned but unpaid wages, allowing them to be financially resilient when faced with income shocks. Wagely will also offer financial literacy training to raise awareness around financial risk management and ways to deal with shocks, including climate-related shocks. Wagely's mission to increase the financial inclusion of low-and-middle-income workers in Indonesia aligns with ADB's operational priorities of achieving greater financial inclusion and building climate and disaster resilience in Asia and the Pacific.