Salmon, a Southeast Asian fintech firm focused on expanding access to financial services, has received approval from the Monetary Board of the Bangko Sentral ng Pilipinas (BSP) to acquire a controlling 59.7% interest in the Rural Bank of Sta. Rosa (Laguna), a longstanding financial institution in the Philippines.
The completion of this transaction, expected in the coming weeks, marks a significant step for Salmon in becoming a licensed bank in a key Southeast Asian market.
This strategic move will enable Salmon to offer AI-centric consumer credit and debit products nationwide, utilizing the bank’s extensive license and geographic reach.
Operating both offline and online, Salmon distinguishes itself with exceptional customer service, garnering high recommendations from its clients.
The acquisition aligns with the BSP’s Rural Bank Strengthening Program, initiated in 2022 to revitalize the country’s rural banking sector and promote inclusive growth.
It positions Salmon among a select group of fintech companies operating licensed banking institutions in the region and aims to enhance banking access for millions of underserved and underbanked Filipinos, especially in major areas like Metro Manila, Cebu, and Davao.
Raffy Montemayor, Co-Founder and Business Head in the Philippines at Salmon, expressed enthusiasm for the deal.
He highlighted its alignment with Salmon’s mission to provide modern, customer-centric financial services accessible to all Filipinos, regardless of location or smartphone ownership.
Montemayor also emphasized the company’s commitment to cooperating with the BSP and building a robust institution alongside the team at Rural Bank of Sta. Rosa (Laguna).
In its continued effort to improve customer experiences, Salmon plans to inject significant capital and technology into the bank, enhancing its offerings across all channels, including its offline presence.