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The Stellar Development Foundation, Visa, and payments technology company Circle have all confederated with Tala with the aim to boost cryptocurrency adoption in emerging markets.
The announcement was made by the California-based fintech firm Tala on 5th May 2021.
Tala Partnership With Visa to Provide Crypto Solutions
Tala CEO Shivani Siroya claims that digital assets hold the potential to solve challenging financial problems. His official statement reads,
“We couldn’t be more excited that Visa, Circle, and the Stellar Development Foundation share our vision and want to work on a solution, not only for Tala’s 6 million global customers but for the billions more who can benefit.”
Circle Co-Founder and CEO, Jeremy Allaire, mentioned that;
“Tala is a pathbreaker at the forefront of a new generation of financial services that provide greater access to economic opportunities for the historically underbanked.”
“We are proud to be working alongside Visa and the Stellar Development Foundation to bring the power of dollar digital currency to millions of Tala customers around the world,” he added.
With the new partnerships, Tala will assist the use of USD Coin (USDC) stablecoin for their customers to make cross-border trade as a crypto mode of payment.
Sanctioning Loans for The Unbanked
According to the data provided by the World Bank, over 1.7 billion adults in the world are still unbanked.
Tala is also offering small uncollateralized loans to, i.e; those who do not have access to bank accounts in Mexico, Tanzania, Kenya, and India. As per the reports, the company has lent money to over four million such customers till now.
It relies on the use of mobile data that includes SMS receipts, call length, etc, instead of their credit history to determine the level of risk with the help of machine learning algorithms. These machine learning algorithms facilitate the approval of loans within minutes.