Your daily fintech and banking briefing.
Today: Jun 13, 2024

Salmon swims into the Philippines, now a licensed bank

1 min read

TLDR: Salmon, a consumer credit FinTech company, has obtained regulatory approval to become a licensed bank in the Philippines by acquiring a controlling interest in the Rural Bank of Sta. Rosa. This move will allow Salmon to offer AI-centric consumer credit and debit products nationwide and expand access to modern banking services for underserved and underbanked Filipinos. The transaction supports the Rural Bank Strengthening Program launched by the BSP to promote inclusive growth and address the needs of the Filipino population. Salmon plans to open new branches in key regions including Metro Manila, Cebu, and Davao. The company will maintain and enhance the bank’s offline presence, providing capital and technology to upgrade its services for all customers.