FINANCIAL TECHNOLOGY company Tala Financing Philippines, Inc. (Tala Philippines) has partnered with digital lender Maya Bank for a loan channeling initiative, it said on Wednesday.
“This collaboration represents a groundbreaking initiative in the country and the broader Southeast Asian market to channel an unprecedented amount of P2.75 billion through independent digital platforms to ensure millions more Filipinos have access to credit,” Tala Philippines said in a statement.
The partnership was formalized during this week’s Money 20/20 Asia event in Bangkok, Thailand, it said.
“We’re thrilled to partner with Maya Bank in this endeavor, knowing that their mission and values are well-aligned with Tala’s. We consider this a milestone in our commitment to become an accessible, reliable and trusted partner to our customers, one that helps them build financial resilience, stability, and ultimately, wealth,” Tala Philippines President and Head of Finance, Strategy & Analytics Charisse P. Alvarez said.
“We are proud to join forces with Tala, reinforcing our mutual dedication to inclusivity in financial services. This partnership is set to significantly expand the availability of financial solutions for Filipinos, leveraging the latest digital and mobile technologies. Our joint effort is a significant step towards closing the financial access gap, ensuring we meet the everyday financial needs of our customers in this digital age,” Maya Bank President Angelo S. Madrid said.
Tala Philippines, which has digital wallet platform, has disbursed over P85.32 billion to 2.7 million customers since it began operating in 2017, it said.
The loan channeling partnership is in line with the Tala’s goal to bridge the financial gap in the country and will allow Maya Bank to expand its customer base and product offerings, it said.
Meanwhile, Maya Bank is one of the six Bangko Sentral ng Pilipinas (BSP)-licensed digital lenders in the country, along with GoTyme Bank; Overseas Filipino Bank; Tonik Digital Bank, Inc.; UnionDigital Bank; and UNObank.
Digital banks and e-wallets have helped spur the increase in online transactions in the Philippines over the past few years, the central bank has said.
Digital payments jumped to 30.3% of the volume of retail transactions in 2021 from 20.1% a year prior as more Filipinos used online channels amid mobility restrictions due to the coronavirus pandemic, BSP data showed.
The BSP wanted to onboard 70% of Filipino adults into the formal financial system this year and have digital payments make up 50% of all transactions, both in volume and value, at end-2023. — AMCS
