Startup Salmon becomes licensed bank in the PH

Fintech company, Salmon, is reshaping the financial landscape for over 500 million underserved customers in Southeast Asia. Committed to improving access to credit, savings, and investment opportunities, Salmon has recently announced a significant milestone.

• Acquisition: Salmon, founded by Raffy Montemayor, Pavel Fedorov, and George Chesakov, has secured regulatory approval from the Bangko Sentral ng Pilipinas ("BSP") Monetary Board to acquire a controlling interest in the Rural Bank of Sta. Rosa (Laguna). Following the transaction's conclusion in the upcoming weeks, Salmon will become the majority stakeholder, owning a 59.7% share in the bank.

• PH Operations: This acquisition will broaden Salmon's reach, enabling it to provide AI-centric credit and debit products to consumers across the nation. Upholding its commitment to excellent customer service, Salmon operates online and offline.

• Licensed Goals: As Salmon joins a select group of fintech firms operating licensed banking institutions in Southeast Asia, it aims to enhance access to advanced banking services for millions of underserved and underbanked Filipinos in key areas including Metro Manila, Cebu, Davao and spearhead the introduction of new branches, subject to BSP approval.

• Other initiatives: Salmon also aims to contribute significantly to the BSP's 2022-launched Rural Bank Strengthening Program, intended to augment the rural banking sector and stimulate inclusive growth.

Montemayor, Co-Founder and Business Head in the Philippines at Salmon, shares his enthusiasm: "We are thrilled to progress this crucial next phase in Salmon's evolution, and are deeply appreciative of the BSP's continued support and its commitment to driving financial inclusion in the country..."