Tala, an online lending app with over 7.5 million customers in four countries, has formed a partnership with UnionDigital Bank to launch a digital wallet called Tala Wallet.
The digital wallet offers a range of features, including loan disbursement, free cash transfers via InstaPay, and no-fee bill payments for billers. The Tala Wallet also has SSL encryption and complies with the Data Privacy Act.
Jori Pearsall, chief product officer at Tala, explained that the Philippines was chosen as the launch location for Tala Wallet due to the country’s history of innovation.
“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,” Pearsall said.
“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,” he added.
The partnership with UnionDigital Bank, described as a “marriage,” will allow both Tala and UnionDigital Bank to support each other’s customers.
Henry Aguda, president and CEO of UnionDigital Bank, said the digital wallet seeks to empower those who have been excluded from formal financial systems, thereby enabling them to build a more financially secure future.
“Coming together with Tala will be one of our gateways to deliver unparalleled convenience and accessibility in financial services to their 2 million customers,” said Aguda.
