Tala advances financial inclusion by launching a secure digital wallet for the underbanked in partnership with UnionDigital Bank

Tala customers can now use their loans in many more ways – open a digital wallet with no minimum balance, cash their Tala loan into the Wallet directly and pay bills electronically with 0 transaction fee, send money – all from within the app

MANILA, April 24, 2023 – Today, Tala, the global technology company building the world’s most accessible financial services, announced the launch of Tala Wallet, providing underbanked customers with a seamless destination to manage their daily money needs and build financial stability – all from within Tala’s award-winning mobile app.

The new Tala Wallet will help Filipino customers save time and money and enable them to do more with their Tala credit. Previously, many Tala customers in the Philippines would need to travel to a bill pay or remittance center to receive their Tala credit in cash, then carry that cash to other locations to pay bills or move their money, or cash in to other digital wallets. With the new Tala Wallet, powered by EON owned by UnionDigital Bank, a Tala customer can now receive credit directly into their Tala Wallet and seamlessly pay bills with no transaction fee or transfer money, no travel, and no long lines.

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.

Launching the new product in the Philippines, Jori Pearsall, Chief Product Officer, Tala said; “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.”

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 purpose of sending money to relatives, paying bills, and supporting homegrown MSMEs,” Nick Norcross, SVP for Global Product of Tala added. 

“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.”

Paulo Dalupan, Site Operations Director for Tala 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.”

“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 Henry Aguda, President and CEO, UnionDigital Bank.

About Tala

Tala is a global technology company building the world’s most accessible financial services. More than 7.5 million people across Kenya, the Philippines, Mexico, and India, have used Tala products to start and expand small businesses, manage day-to-day needs and pursue their financial goals with confidence. Tala has raised more than $350 million from visionary investors including Upstart, the Stellar Development Foundation, RPS Ventures, the J. Safra Group, IVP, Revolution Growth, Lowercase Capital, and PayPal Ventures.

Start your journey into financial freedom: https://tala.ph/borrow/

Tala is operated by Tala Financing Philippines Inc., a licensed financing company with SEC Registration No. CS201710582 and Certificate of Authority No. 1132. Always study the terms and conditions and the disclosure statement before proceeding with any loan transaction.

About UnionDigital Bank

UnionDigital Bank is a fully digital bank and a wholly owned subsidiary of UnionBank of the Philippines. The UnionDigital Bank app is now live for a limited set of customers through invitation only. Future updates on the launch will be available through the digital bank’s social media channels on LinkedIn, Twitterand Facebook.  Learn more at www.uniondigitalbank.io. 

For further inquiries, please contact media@uniondigitalbank.io.

(L-R) Jori Pearsall, Chief Product Officer, Tala; and Henry Aguda, President & Chief Executive Officer, UnionDigital Bank

(L-R) Nick Norcross, SVP Global Product, Tala; Paulo Dalupan, Site Operations Director, Tala Philippines; Jori Pearsall, Chief Product Officer, Tala; Henry Aguda, President & Chief Executive Officer, UnionDigital Bank; and Mike Singh, Chief Commercial & Revenue Officer, UnionDigital Bank

(TOP L-R) Nick Norcross, SVP Global Product, Tala; Missy Santos, Marketing Manager, Tala Philippines; Cha Alvarez, Head of Finance, Tala Philippines; Munmun Nath, Chief Marketing Officer, UnionDigital Bank; Erica Dela Cruz, Growth Partnerships Manager, Tala Philippines; Paulo Dalupan, Site Operations Director, Tala Philippines; and Mike Singh, Chief Commercial & Revenue Officer, UnionDigital Bank

(LOWER L-R) Jori Pearsall, Chief Product Officer, Tala; Henry Aguda, President & Chief Executive Officer, UnionDigital Bank