Tala and UnionDigital Bank's partnership aims to help Filipinos build a more secure financial future


When facing the necessity to budget spending or in need of a working capital for small business, borrowing or applying for loans seems to be the logical strategy for individuals going through difficult times.

Using loans to budget for everyday costs, business expenses, and other investments can sound difficult to the unfamiliar. However when used wisely, credit can actually be beneficial for budgeting purposes or raising one's credit score.

The Philippines still needs more financial services despite a high rate of smartphone adoption. Through loans, a person can gain flexible financial access and the chance to advance. Simply put, Filipinos want to have more access to credit so they can better plan for the unexpected and establish financial security.

Tala has announced the launch of Tala Wallet, a one-stop shop for underbanked consumers to manage their daily money needs and establish financial stability – all from within Tala's award-winning mobile app.

The new Tala Wallet will allow Filipino users to save time and money while doing more with their Tala credit. Traditionally, many Tala consumers in the Philippines had to travel to a bill pay or remittance center to acquire their Tala credit in cash, then bring that cash to other locations to pay bills, transfer money, or put into other digital wallets. A Tala user can now receive credit directly into their Tala Wallet and easily pay bills with no transaction charge or transfer money, no travel, and no long lines thanks to the new Tala Wallet, powered by EON, which is owned by UnionDigital Bank.

“This partnership will enable more Filipinos to build a more financially secured future. We are excited for what lies ahead because of the potential and opportunities this can bring to our customers,” said Henry Aguda, President and CEO, UnionDigital Bank during the partnership launch and signing of the MOU.

The partnership between Tala and UnionDigital Bank is grounded on the commitment of empowering individuals with access to seamless, secure, and reliable financial services. This is all for the purpose of enabling Tala’s customers to achieve their financial goals and build a better future for themselves and their families.

In its beta phase, Tala’s digital wallet organically grew by 18x with nearly two billion pesos worth of loans already disbursed to the Tala Wallet. Tala’s new digital wallet is available starting today in the Philippines and will be rolled out in other Tala markets in the near future. 

“We are extremely happy to partner with UnionDigital Bank to together achieve one goal - financial inclusion. The Philippines has been a hub for many of our innovations and once again we chose the Philippines to launch our latest product, the Tala Wallet. At Tala, we work hard to listen to our customers and create products that help mitigate their financial stress and fulfill their financial needs. We launched the most flexible repayment option out in the market last year and today, Tala Wallet is another one of our products that will help customers seamlessly borrow money, store, pay their bills and send cash to reach their financial goals,” saidJori Pearsall, Chief Product Officer, Tala as they launch the new product in the Philippines.

When it comes to loans, it is critical to select a company that you can rely on. As a member of the FinTech Alliance.ph, Tala aims to empower the financially marginalized by utilizing unique technologies that encourage responsible borrowing while reducing over-indebtedness.

FinTech Alliance.ph is a partnership of strategic companies in the digital finance field operating in the Philippines that aims to empower every Filipino by establishing an environment for interoperability.

The Tala Wallet is a new mobile wallet that offers customers a convenient and secure way to add and transfer cash, pay bills, build savings goals, and unlock exclusive loan benefits.

“The main difference of Tala Wallet to other digital wallet services is that we are building with Tala’s robust and developed micro-credit services in mind. This gives it a well-built foundation to facilitate its purposeof sending money to relatives, paying bills, and supporting homegrown MSMEs,” added Nick Norcross, SVP for Global Product of Tala.

Aguda described the partnership as mission-aligned and execution-compatible where both Tala and UnionDigital Bank’s mission is to serve the underbanked and underserved Filipinos by providing them with financial services.

“Today marks the most exciting advancement in financial inclusion since Tala first pioneered digital credit 8 years ago,” said Shivani Siroya, Founder and CEO of Tala. “The new money mobility tools give underbanked customers a choice to do much more with their credit and build financial stability. This launch is in line with our global mission to enable financial agency for the underestimated. You will see many more products from Tala in the near future.”

Credit access is critical for Filipinos, especially now, and can be a strong instrument for developing financial health if used appropriately. Borrowers' initial loans on the Tala Wallet vary from P1,000 to P2,000 and can grow to P15,000 if they pay on time on a regular basis.

According to Paulo Dalupan, Site Operations Director for Tala, loan application process can take, more or less, 5 minutes and has a flexible terms with repayment date from 1 to 61 days to gain control over your finances. 

Dalupan also shared the reception of Filipinos to the Tala’s services, “Tala in the Philippines is receiving good feedback from borrowers. They are extremely satisfied with the service received. Reports show a Net Promoter Score® of 84, which is excellent. Most of the customers feel this way because of the efficient loan approval process and the reliable and easy-to-use Tala application.”Dalupan added, “We found that 99 percent  trust Tala with their personal information. Which is very reassuring!“

Dalupan also expressed that Tala intends to pursue the level of services they provide now. He said,  “Now that we are offering the expanded Tala Wallet, we are bringing to our customers the next level of satisfaction of doing all the transactions they want to in one single-app and our continued commitment of  our services, just better.”

UnionDigital Bank takes pride in being technologically advanced and is well-positioned to provide financial services to customers regardless of how the country's digital finance develops. 

“Coming together with Tala will be one of our gateways to deliver unparalleled convenience and accessibility in financial services to their 2 million  customers. It serves our commitment to financial inclusion and our dedication to empower those who have been excluded from the formal financial systems, enabling them to build a more financially secure future,” said Aguda.