The fintech firm Tala Financing Philippines Inc. has obtained a P2.75 billion loan from Maya Bank Inc. for lending to clients who are mostly micro loan borrowers.
These are borrowers who do not have access to formal credit offered by the various financial institutions that typically demand proof of capacity to pay and history of paying off what they owe.
“We’re thrilled to partner with Maya Bank in this endeavor knowing that their mission and values are well-aligned with Tala’s,” Charisse 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 said.
Tala is extending loans with repayment dates of 15 to 61 days. It charges a processing fee of 3.99 percent of the 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 Madrid, president of Maya Bank, said.
Maya Bank, one of the six entities granted a digital banking license by the Bangko Sentral ng Pilipinas.
