Consumer credit fintech Salmon has become a licenced bank in the Philippines after acquiring a controlling interest in Rural Bank of Sta. Rose.
Salmon will own 59.7% of the bank upon the completion of this transaction, which will conclude in the coming weeks. The bank’s license and its geographic footprint will enable Salmon to offer consumer credit and debit products nationwide.
Established in July 2022, Salmon, currently offers financial services to over 500 million underserved customers in Southeast Asia
The firm says the deal will bolster access to modern banking services for millions of underbanked Filipinos in key regions including Metro Manila, Cebu and Davao, where Salmon plans to open new branches, subject to BSP approval.
Raffy Montemayor, co-founder and business head in the Philippines at Salmon, comments: “The transaction will help us reach additional underserved communities in the Philippines, bringing modern, customer-centric and easy-to-access financial services to more people, regardless of smartphone ownership or customer location as we combine offline and online settings for providing our services."
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