"MULA Wallet" is part of the Mula-X ecosystem that uses technology and alternative credit scoring models to enable low-income employees to achieve financial freedom. The Mula-X platform allows employed workers to access their earned wage through MULA's Salary Xpress product, access loans through micro lenders on the platform as well as other services in the Mula-X ecosystem such MULA Wallet and MULA Learning.
The MULA Wallet is designed to support customers who are unable to make transactions via bank accounts or Mobile Banking. Customers can access many financial services provided by Mula X ecosystem through MULA App which customers can download via Apple and Google Play stores. Customers can also use the MULA Wallet to view transaction details, pay their loans, purchase goods and services as well as pay utility bills, top up mobile phone, and transfer money from the MULA Wallet to their own bank account.
Approved by the Bank of Thailand (BOT) MULA Wallet aims to facilitate the access of financial services for low-income customers who are unable to access credit without collateral.
"Since the COVID-19 pandemic began, the government has taken action to make consumers more aware of digital spending through e-wallets. MULA Wallet is part of the ecosystem of Mula-X that employers can offer to selected employees. Employees can submit an application via MULA App to participate in this program. Upon approval, the employer can then transfer salary or wages to their employees' MULA Wallet, instead of a bank account. Employees are able to top up their MULA Wallet and conveniently use the credit for various expenses, including paying off loans," said Mr. Piyachart Ratanaprasartporn, Chief Executive of 2C2P Plus (Thailand) Co., Ltd.
Ms Lyn Kok, Founder & CEO, Mula-X, said, "We are delighted to be partnering with 2C2P Plus on the launch of MULA Wallet. Mula-X's vision is to create an ecosystem that enables the underserved and underbanked population gain access to financial services in a fast, easy, and cost-effective way. It is estimated that 45% of the low-income population in Thailand is still accessing financial services through informal methods, which cause them to be vulnerable to financial risks. Due to severe economic impact of the COVID-19 crisis, this number has grown significantly. Through its virtual KYC process and easy one-click function, we believe that MULA Wallet will set the foundation for underserved and underbanked communities to achieve financial freedom through Mula-X's financial literacy programmes and future products and services."
Source: PRpedia