Singapore & Kuala Lumpur, Malaysia, 13 May 2020 – Today, award-winning HR tech startup Swingvy, officially announced that it has expanded to Taiwan and launched a new payroll product for the market. This expansion follows Swingvy’s successful US$7 million Series A funding in 2019, led by Samsung Venture Investment Corporation (Samsung Ventures) — and was the VC’s first investment in Southeast Asia.
Jin Choeh, Co-Founder and CEO, Swingvy, said: “We are excited to officially launch Swingvy in Taiwan, and help even more SMEs solve their HR problems with our solution. Taiwan has great market potential for us, with more than 1.4 million SMEs employing about 80% of the workforce, and 100,000 new SMEs emerging yearly — we want to capitalise on this and become the market leader in Taiwan.”
The new Swingvy Payroll product is also completely compliant with Taiwan’s Labour Laws, since payroll taxes, deductions, and claims are automatically calculated via seamless integration with Swingvy’s existing HR Hub. This means employers can run payroll and issue digital payslips instantly and accurately to their employees, calculated according to employee details found on HR Hub, minimising manual pay miscalculation errors.
By enhancing user experience, Swingvy provides an intuitive interface to simplify HR processes via desktop and on mobile devices. Employees can easily apply for leave, access their digital payslip, as well as submit claims online on one consolidated, cloud-based platform. With an employee directory, organisational charts, and onboarding services on HR Hub, Swingvy ensures employees have all essential HR services at their fingertips.
Swingvy has plans to rapidly increase headcount by actively hiring employees throughout 2020. Across all three markets, the HR tech startup also aims to double overall headcount in the coming months — with a focus on R&D, sales, and marketing.
“Taiwan has strict labour laws, especially when it comes to HR matters. I am pleased that Swingvy now meets all necessary compliance criteria, and can officially launch our products in the market. I am proud to be a part of the team, and am looking forward to making Swingvy the Taiwanese SME’s HR tech platform of choice”, said Dalton Hsu, Taiwan General Manager, Swingvy.
Over the past year, Swingvy has grown rapidly, experiencing a 300% year-on-year growth for the past two years, with its projected growth rate for 2020 expected to remain steady. The HR tech startup now has over 8,000 clients in its portfolio, including DealStreetAsia, Digital Durian and FashionValet, a 20% increase from just 6,500 clients 5 months ago. Swingvy is also looking to increase its customer base to 10,000 clients by the end of 2020.
To further support growth ambitions, Swingvy has also recently hired its first Head of HR to drive Swingvy HR policies as their subject matter expert, develop team-building initiatives, as well as build one unified Swingvy culture across Singapore, Malaysia, Taiwan, and Korea.
In light of the Covid-19 pandemic, Swingvy launched a 6-month Free Access initiative to support SMEs in their switch to telecommuting — due to stricter movement control orders put in place in both Singapore and Malaysia. Swingvy has also piloted a series of webinars to help companies navigate the new way of working.
Looking to the future, Swingvy is set to launch more products in the Taiwanese market this year — such as Time and Attendance and an update to their mobile app, enabling employees to upload photos of their receipts to ease the employee claims process. In 2021, Swingvy plans to expand to new markets across the APAC region.
Swingvy is a modern HR platform that aims to revolutionize and transform HR practices for small and mid-sized businesses. Built to champion people in their work, Swingvy seamlessly connects all HR information – HR, Payroll, Claims and Benefits – and automates every administrative task without hassle. Swingvy serves over 8,000 companies and has offices in Kuala Lumpur, Singapore, Taipei, and Seoul. Swingvy was founded by Jin Choeh, Tho Kit Hoong, Hyojun Lee, and Jahun Koo in late 2016 with a mission to create a workplace where work empowers people.
For more information about Swingvy, please visit: https://www.swingvy.com