Fintech secures ₧2.75B loan capital from Maya Bank

TAlafinancingphilippines Inc., a financial technology (fintech) firm that extends loans to the public, has secured a partnership with Maya Bank Inc.

According to the partnership, Maya Bank will extend a P2.75 billion loan capital to Tala, which it will extend to the public through its micro-loans program.

“We’re thrilled to partner with Maya Bank in this endeavor, knowing that their mission and values are well-aligned with Tala’s,” Charisse P. Alvarez, Tala president and head of finance, strategy and analytics, said.

“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,” Alvarez added.

Tala, an online lending platform registered with the Securities and Exchange Commission, is extending loans with repayment dates of 15 days to 61 days. There is a processing fee of 3.99 percent of borrowed amount.

“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,” Angelo S. Madrid, president of Maya Bank, said.

Maya Bank, one of the six entities in the country that has a digital banking license, said it is expanding its participation in solving for access to credit by partnering with digital lenders who have been working for the same mission of improving access to loans for the unbanked in the Philippines.

Tala, meanwhile, strives to provide access to credit to the public, partnerships with banks with similar values and mission in Southeast Asia is critical.

“With Maya’s goal to expand its customer base and offerings and Tala’s mission to unleash the economic power of the ‘global majority,’ this partnership achieves this mutual alignment, and together, they plan to transform how money works for Filipino consumers,” the companies said.