Two prominent fintech innovators, CIS Bayad Center, Inc. (Bayad), the pioneer in outsourced payment collection systems in the Philippines, and Tala Financing Philippines, Inc. (Tala), a global leader in financial services for the underbanked, have officially joined forces. Their shared mission is to enhance the financial well-being of Filipinos.
Tala has been empowering its customers since 2017 with financial tools to manage household expenses and explore opportunities for investing in small businesses. Recently, Tala achieved a significant milestone, reaching one million wallet users on its mobile application shortly after its official launch earlier this year. Through its collaboration with Bayad, Tala has expanded its services to include Meralco bill payments within its mobile app. Additionally, Tala offers convenient solutions for loan repayments, enabling customers to meet their financial obligations promptly.
Today, Tala customers can make real-time bill payments using credit limits of up to PHP25,000, all within the Tala app. With flexible repayment terms, customers can choose to settle their bills within 61 days, aligning with their individual income cycles.
Bayad’s President and CEO, Lawrence Y. Ferrer, expressed their commitment to strengthening their digital presence through innovative partnerships with forward-thinking fintech institutions like Tala. He emphasized their shared goal of enhancing the financial well-being of fellow Filipinos and announced plans to expand the biller ecosystem within the Tala App, enabling payments for various services such as electric and water utilities, telecommunications, cable, internet, insurance, online shopping, and more.
Jori Pearsall, Chief Business Officer at Tala, emphasized their belief in providing access to financial services for everyone, regardless of their background or circumstances. As the Philippines serves as Tala’s innovation hub and its largest market in Asia, the collaboration with Bayad is seen as a pivotal step in their commitment to promoting financial inclusion and contributing to the economic recovery of the Philippines.
For other fintech institutions interested in joining Bayad’s extensive channel network, inquiries can be directed to partnerships@bayad.com. Bayad offers partners the opportunity to establish a nationwide presence and provides comprehensive support services for efficient payment and collection processing.
