Salmon, a fintech company dedicated to enhancing access to credit, savings, and investments for over 500 million underserved customers in Southeast Asia, has clinched the prestigious 2024 Asian Banking and Finance (ABF) Fintech Start-Up Award – Philippines.
The award ceremony, held last July 4, 2024, at the Marina Bay Sands Expo and Convention Centre in Singapore, celebrated exceptional achievements in the fintech sector. The award was judged by a distinguished panel of experts, including Alessandro Magarini Montenero from Bain & Company, Ho Kok Young from Deloitte Singapore, Liew Nam Soon from EY ASEAN, and Mansi Singh from PwC Southeast Asia Consulting.
IMAGE CREDIT: https://salmon.ph/news-and-updates
Salmon: Transforming The Financial Landscape in PH
Salmon’s innovative approach, cutting-edge AI technology, and commitment to transforming the traditionally exclusive banking landscape in the Philippines earned it this esteemed recognition. The company’s efforts have addressed the long-standing neglect of the mass market by legacy banks.
In a press release, Raffy Montemayor, the co-founder of the Salmon Group and chairman of the Rural Bank of Sta. Rosa in Laguna, stated, “We are deeply honored to be recognized by Asian Banking and Finance. This award is a testament to our dedication to transforming the financial landscape in the Philippines. It motivates us to continue providing cutting-edge financial solutions that truly make a difference in people’s lives.”
Montemayor further shared that Salmon Group has partnered with AllBank — a Philippine-based thrift bank — to introduce a QR Ph-enabled payment system aimed at simplifying repayments for financial products. The company is also eyeing a significant increase in its loan portfolio in the next three to five years.
Since its inception in 2022, Salmon has rapidly gained recognition as a “different bank,” focusing on superior customer care and service.
The company has since introduced a suite of AI-enabled products, including Salmon Financing, a point-of-sale loan service; Salmon Credit, a fully digital revolving credit line; and Salmon Time Deposit, offering 8.88 per cent interest for deposits over PHP500,000 for a 12-month period.
Leveraging technology, making financial services accessible
The ABF Fintech Start-Up Award also highlights Salmon’s success in leveraging technology to make financial services more accessible. Using advanced AI-driven credit evaluation methods and alternative data, Salmon makes fast and responsible lending decisions, even for those without previous credit histories.
This innovative approach sets a new industry standard and opens opportunities for many previously excluded individuals.
Salmon’s strong partnerships with key stakeholders and investors have fueled its rapid growth. The company has raised over $60 million in funding from prominent investors like the International Finance Corporation (IFC), Abu Dhabi Developmental Holding Company (ADQ), and the Northstar Group.
This financial backing positions Salmon to scale its operations and introduce new financial products, such as debit solutions, enhancing its offerings and delivering more value to customers. The company aims to grow tenfold on key operational and financial metrics in 2024 compared to 2023.
As Salmon continues to push the boundaries of fintech, the recognition from ABF underscores its significant impact and potential to become the leading credit-led, technology-centric bank in Southeast Asia within the next five years.
About Salmon Group and the Asian Banking & Finance (ABF)
Salmon Group Ltd, founded in 2022 by fintech and banking veterans Pavel Fedorov, George Chesakov and Raffy Montemayor, owns and operates its subsidiaries in the Philippines, including Sunprime Finance Inc. and the Rural Bank of Sta. Rosa (Laguna), Inc., which was established in 1963.
The group is dedicated to expanding financial inclusion by providing customers with cutting-edge, customer-centric, AI and data-driven banking and financial services. It is on a mission to empower clients underserved by legacy banks across Southeast Asia, and is supported by world-class shareholders including the International Finance Corporation (IFC), the sovereign wealth fund of Abu Dhabi (ADQ) and other blue-chip international and Filipino investors.
Asian Banking & Finance (ABF), on the other hand, is the premier magazine dedicated to Asia’s dynamic financial services sector. As the leading source of news, features, profiles, and sector analyses, ABF caters to commercial, retail, and investment banking professionals across the region.
Published quarterly, the print edition boasts a circulation of 7,250 copies, reaching an audience of 29,000 senior executives and decision-makers in Asia’s financial firms. Complementing the print magazine, the ABF website delivers daily updates and insights, ensuring comprehensive coverage of industry developments.
ABF is part of the Charlton Media Group, a prominent B2B publication and events company in Asia, with renowned titles including Singapore Business Review, Hong Kong Business, and Insurance Asia.