Tala, the financial infrastructure company building the world’s most accessible financial services, today announced a $100 million partnership deal with major ASEAN bank CIMB to accelerate its launch in the fast-growing Vietnam market.
While many Vietnamese adults have access to digital accounts, they are still underserved with little to no access to credit, an essential financial product. Tala addresses financial access gaps with an end-to-end, AI-native solution for credit scoring, decisioning, and disbursement, all within a few minutes through its mobile app.
Headquartered in the United States, Tala has over 13 million customers and disbursed US$7 billion across three continents in the last decade. Vietnam is the latest addition to its Asia region.
“We’re proud to partner with CIMB, one of the most respected banks in Vietnam, to provide safe, affordable credit to many people who don’t have access,” said Shivani Siroya, CEO and Founder of Tala. “Tala’s state-of-the-art proprietary technology combined with award-winning customer service makes us uniquely qualified to meet the financial needs of underserved Vietnamese.”
The partnership between Tala and CIMB introduces a flexible line of credit product in which eligible customers can access credit limits of up to VND 30 million for permitted consumption purposes with a tenor for each drawdown of up to 61 days, with the flexibility to choose repayment due dates that align with their individual financial plans. Customers may also proactively repay their loans at any time to ease financial pressure without incurring fees, including early repayment. The registration and approval process is fully digitized through Tala’s application, significantly shortening processing time and ensuring quick disbursement.
“I’ve seen firsthand the frustration and struggles of the lack of good credit options for everyday Vietnamese,” commented Steven Truong, General Manager of Tala Vietnam. “The partnership with CIMB will enable us to reach the underbanked with our app and continue to fulfill Tala’s mission.”
CIMB contributes its robust infrastructure, regulatory expertise, and strong insights into market knowledge, while Tala brings innovative technology and a deep understanding of underbanked populations. The collaboration particularly benefits customers by offering a seamless, convenient, and efficient journey towards access to responsible and inclusive financial solutions.
“We expect to expand customers’ access to digital financial services, enabling them to proactively and easily achieve their personal financial goals with financial leverage from the collaborative product between Tala and CIMB,” said Ms. Le Hien Trang – Head of Partnership and Strategic Growth, CIMB Vietnam.
Prior to its Vietnam expansion, Tala first ventured into the Southeast Asian market through the Philippines, where it now has 4.5 million customers, disbursing 28 million loans equivalent to Php 137 billion since 2017. Beyond credit, Tala Philippines also continues to strengthen its financial literacy program and has advanced anti-fraud efforts that uphold responsible lending and consumer protection. These efforts reaffirm its commitment to advancing financial inclusion in the country by empowering the global majority through increased access to safe, affordable credit.