Salmon, a Southeast Asian FinTech startup, has received regulatory approval to acquire the controlling interest in Rural Bank of Sta. Rosa (Laguna), making it a licensed bank in the Philippines.
Having been given the green light from the Monetary Board of the Bangko Sentral ng Pilipinas (BSP), the firm has now earned a a commanding 59.7% ownership of the bank as part of the move that is slated for finalisation in the imminent weeks.
Following the deal, Salmon is poised to roll out AI-centric consumer financial products nationwide.
This milestone also marks a pivotal moment for both Salmon and the Philippines. In securing a banking license within a significant market, this strategic alliance promises to democratise modern banking services for millions of underserved Filipinos across crucial regions such as Metro Manila, Cebu, and Davao.
In a strategic move aligned with expansion plans, the firm is set to inaugurate new branches in these key locations, pending approval from the BSP.
The company also joins an elite league of FinTech players operating licensed banking entities in the wider region of Southeast Asia.
Salmon stands out in its operations, navigating both offline and online arenas, carving a distinct niche through its unwavering commitment to exceptional customer service. An astounding 92% of the company’s clientele express their satisfaction, vouching for the firm by actively endorsing it to their circles of influence.
Raffy Montemayor, co-founder and Business Head in the Philippines at Salmon, commented, “We are excited to undertake this important next step in Salmon’s development and grateful for the continued support of the BSP and its vision of driving financial inclusion in the country. This transaction will help us reach additional underserved communities in the Philippines, bringing modern, customer-centric and easy-to-access financial services to more people. We are proud of the fantastic relationship we have developed with the executive team of the Rural Bank of Sta. Rosa (Laguna), and look forward to building a robust financial institution together to continue serving communities across the Philippines.”
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