Delivering tailored solutions to those seeking formal digital credit with a nuanced understanding of their circumstances, challenges and aspirations, current situation, financial struggles, as well as their personal goals and dreams is at the core of Tala. Keeping these in mind, the goal is to increase customers’ self-confidence in making financial decisions, foster financial independence, and ultimately, improve their overall quality of life.
In line with this commitment to empowering the underserved, Tala, a trusted global leader in the financial technology industry, joined the Singapore Fintech Festival (SFF) 2023, which occurred last November 15 to 17. This strategic participation represents Tala’s ongoing initiatives that place a strong focus on the global majority, a demographic exceeding two billion individuals worldwide who traditionally get overlooked by the formal financial system.
The global majority, including those in the Philippines earning at or below minimum wage, face significant barriers to financial access. Banks often view them as untrustworthy due to their lack of formal credit history and collateral. Tala, however, is challenging this conservative perspective by trusting people first and foremost through innovative solutions that cater to their unique needs without an extensive application process. Through Tala’s robust data privacy protocols and commitment to fair and transparent pricing, customers gain enhanced flexibility and control over their loans, resulting in a more enjoyable and satisfying user experience that justifies customers’ trust in Tala.
In a press statement, Arianne Ferrer, External Affairs Director of Tala, said, “Financial inclusion can only be achieved by trusting people wholeheartedly and radically. Through this radical trust, Tala bridges digital and cash ecosystems and opens vital access through technology to people that legacy finance has left behind.”
The financial gender gap remains a significant consideration in creating more inclusion, with Filipino women less likely to use digital financial services or start a business for purely entrepreneurial reasons, according to the financial gender gap studies conducted by the Asian Development Bank and the Bangko Sentral ng Pilipinas. Tala is committed to closing this gap by developing advanced technology and fostering creativity to empower these women financially.
“We know that today’s financial infrastructure doesn’t work for the global majority, including our young, revenue-generating population and women who are often the household’s money managers. Tala envisions a world where women are seen, understood, and trusted so they can achieve their dreams—to be financially free, empowered, and prosperous,” explained Ferrer.
Tala’s commitment to addressing financial challenges includes the use of artificial intelligence and machine learning to create scalable, personalized financial products. The company believes in continuously learning from its customers to offer better AI-powered customized credit products and services, improving the overall quality of life.
In addition, Tala takes a proactive stance in advancing financial literacy among Filipinos, exemplified by its collaboration with financial literacy advocate and money expert Salve Duplito. TheTALAkayan educational workshop sessions represent Tala’s comprehensive efforts to equip Filipinos with the essential tools for making well-informed financial decisions and engaging exclusively with legitimate financial institutions.
The SFF, a global platform for policymakers and industry leaders, provided a backdrop for Tala to champion financial inclusion at the “Bagong Pilipinas: The Philippine Country Pavilion” organized by Fintech Alliance PH, the country’s first and largest financial technology industry organization.
With over 60,000 attendees from at least 100 countries, the festival served as a significant intersection of policy, finance, and technology. Tala’s participation reflects its ongoing commitment to providing credit to those who need it most, fostering a frictionless and flexible financial landscape.