Tala, a digital finance firm, is poised for global expansion through a recent US$48.5 million loan agreement with Maya, one of only six licensed digital banking players authorized by the Bangko Sentral ng Pilipinas (BSP) in the country today.
Photo shows Angelo Madrid (center), President of Maya Bank, together with Charisse Alvarez (right), President and Head of Finance at Tala, during the signing of a partnership agreement between Tala and Maya. Joining them is Moritz Gastl (left), General Manager at Tala.
Charisse Alvarez, President and Head of Finance for Tala Financing Philippines, expressed elation for the partnership, saying, “We are thrilled to partner with Maya Bank in this endeavour, 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,” she said.
Alvarez also unveiled the company’s plans to extend its operations throughout Southeast Asia.
Broadening its customer base and product offerings
“Our mission is to empower the global majority economically, a commitment we are advancing as we prepare for expansion in Southeast Asia. Meanwhile, Maya is concentrating on broadening its customer base and product offerings. Our mutual objective of increasing access for more individuals makes this partnership especially significant,” Alvarez shared in a press statement.
The partnership was formalized during the Money 20/20 Asia event in Bangkok, Thailand, last April 24. Tala, in a joint statement, underscored the pioneering aspect of this collaboration, aiming to channel an unprecedented P2.75 billion through independent digital platforms to provide credit access to millions more Filipinos.
For its part, Maya said the partnership offers an opportunity for them to address the credit accessibility gap among Filipinos.
Angelo Madrid, President of Maya Bank, hailed the collaboration as a crucial step toward enhancing financial access.
“Our combined efforts signify a significant advancement in closing the financial access gap, ensuring we cater to the varied financial needs of our customers in the digital age,” Madrid noted, expressing pride in teaming up with Tala and their shared commitment to inclusive financial services.
Narrowing the financial gap in the country
Since its establishment in 2017, Tala Philippines has disbursed over P85.32 billion to 2.7 million customers. With this loan agreement, Tala edges closer to its goal of narrowing the financial gap in the country.
As a registered financial entity with the Securities and Exchange Commission (SEC), Tala has expanded its reach to nearly 9 million customers across three continents.
Meanwhile, Maya Bank aims to transform credit access for Filipino consumers and micro, small, and medium enterprises (MSMEs) through innovative financial services.
By 2023, Maya managed approximately P25 billion in deposits and emerged as a preferred lender among Filipinos, disbursing over P22 billion in loans to consumers and enterprises.
Additionally, Maya boasts the largest market share, processing 49 per cent of digital payments through QR Ph, the Philippines’ QR code standard for cashless transactions.