Salmon bank license

Fintech Company Salmon Is Now A Licensed Bank In The Philippines

Summary

Salmon, a Southeast Asian fintech, has gained regulatory approval from the BSP to acquire a controlling stake in the Rural Bank of Sta. Rosa (Laguna), marking a pivotal move towards becoming a licensed bank in the Philippines. The acquisition enables Salmon to expand its AI-centric financial services nationwide, catering to millions of underserved Filipinos.

Salmon, a fintech provider for access to credit, savings, and investments for over 500 million underserved customers in Southeast Asia, is now a licensed bank in the Philippines.

The company has received regulatory approval from the Monetary Board of the Bangko Sentral ng Pilipinas (BSP). This approval is to acquire a controlling interest in the Rural Bank of Sta. Rosa (Laguna), a licensed financial institution serving Filipino communities since 1963.

Salmon to provide AI-centric consumer credit and debit products on a national scale

Upon completion of the transaction, Salmon will hold a commanding 59.7% ownership stake in the bank. The acquisition opens doors for Salmon to provide AI-centric consumer credit and debit products on a national scale. This is achieved by leveraging on the the Rural Bank of Sta. Rosa’s license and expansive geographic footprint.

This development catapults Salmon into an elite circle of fintech companies operating licensed banking institutions in Southeast Asia. The move promises to enhance access to modern banking services for millions of underserved Filipinos in key regions such as Metro Manila, Cebu, and Davao.

Salmon intends to expand its presence further with new branches, pending BSP approval, marking a strategic move in alignment with the Rural Bank Strengthening Program initiated by the BSP in 2022.

Advancing financial inclusion in rural communities

Raffy Montemayor, Co-Founder and Business Head in the Philippines at Salmon, conveyed his enthusiasm for the recent achievement. He expressed gratitude for the ongoing backing from the BSP and its commitment to advancing financial inclusion in the nation.

The transaction marks a significant advancement in Salmon’s growth, enabling the extension of modern, customer-centric, and easily accessible financial services to more underserved communities in the Philippines. Montemayor also highlighted the strong relationship with the executive team of the Rural Bank of Sta. Rosa (Laguna) and anticipates collaborating to build a robust financial institution dedicated to serving communities throughout the Philippines.

Salmon remains committed to enhancing the bank’s offline presence, infusing substantial capital and technology to elevate its offerings for all customers. The customer-centric ethos that has garnered praise from Salmon’s existing clientele will now extend seamlessly across all channels, ushering in a new era of inclusive and advanced financial services for the Filipino population.

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