In a significant milestone for the financial landscape of the Philippines, Salmon, a fintech company dedicated to enhancing access to credit, savings, and investments for over 500 million underserved customers across Southeast Asia, has recently been honored with the prestigious 2024 Asian Banking and Finance (ABF) Fintech Start-Up Award – Philippines.
The award, presented at the Marina Bay Sands Expo and Convention Centre in Singapore, marks a turning point in the evolution of the country’s banking sector.
Salmon has just been awarded the prestigious 2024 Asian Banking and Finance Fintech Start-Up Award (IMAGE CREDIT: https://www.aiunplugged.io/)
In a press release, the fintech firm said that the “ABF Fintech Start-Up Award” is in recognition of Salmon’s groundbreaking efforts to revolutionize the traditionally exclusive banking system in the Philippines, where legacy banks have long served a select segment of the population, leaving many without access to essential financial services.
This accolade was judged by an esteemed panel of industry experts, including Alessandro Magarini Montenero, Partner for Financial Services at Bain & Company; Ho Kok Young, Audit and Assurance Partner at Deloitte Singapore and CFO Program Leader of Deloitte Southeast Asia; Liew Nam Soon, Regional Managing Partner of EY ASEAN; and Mansi Singh, Financial Services Strategy and Operations Partner at PwC Southeast Asia Consulting.
Salmon to continue providing cutting-edge financial solutions
Raffy Montemayor, Salmon’s Co-founder and the Chairman of its bank subsidiary Rural Bank of Sta. Rosa (Laguna), Inc., expressed his deep appreciation for the recognition. “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. We are excited to build on this success and it motivates us to keep going forward and continue providing cutting-edge financial solutions that truly make a difference in people’s lives,” he said.
Raffy Montemayor, Salmon’s Co-founder and the Chairman of the Rural Bank of Sta. Rosa (Laguna), Inc.
Since its establishment in 2022, Salmon has quickly gained prominence as a “different bank,” one that prioritizes customer care and service quality. The company has introduced a suite of AI-powered products designed to address various financial needs. These include Salmon Financing, a point-of-sale loan service; Salmon Credit, a fully digital revolving credit line; and Salmon Time Deposit under the Rural Bank of Sta. Rosa (Laguna), Inc., which offers a competitive 8.88% interest rate for deposits exceeding PHP500,000 over a 12-month period.
Salmon’s innovative approach, particularly its use of AI-centered technology, has been instrumental in its success. By leveraging advanced AI-driven credit evaluation methods and alternative data sources, Salmon is able to make quick and responsible lending decisions, even for those who lack a traditional credit history. This capability not only sets a new benchmark in the industry but also creates opportunities for individuals who have historically been excluded from formal financial systems.
The company’s rapid rise can also be attributed to its strong network of partners and investors. Salmon has secured over $60 million in funding from leading financial institutions, including the International Finance Corporation (IFC), which led the Series A-1 financing round, and the Abu Dhabi Developmental Holding Company (ADQ), as well as the Northstar Group. These investments have positioned Salmon to scale its operations and expand its product offerings, with plans to introduce new solutions like debit products, further enhancing its value proposition to customers.
Salmon’s achievements in 2024 underscore its remarkable growth, with the company reportedly growing tenfold in key operational and financial metrics compared to the previous year. This rapid expansion reflects Salmon’s commitment to pushing the boundaries of what is possible in the fintech industry.
Earlier this year, Salmon Group also partnered with AllBank — a Philippine-based thrift bank — to introduce a QR Ph-enabled payment system aimed at simplifying repayments for financial products. The new system is expected to help eliminate the need to input details manually for traditional payments.
The recognition from the ABF Fintech Start-Up Award serves as a powerful endorsement of Salmon’s impact on the financial sector in the Philippines. As the company continues to innovate and expand, it is poised to become the leading credit-led, technology-centric bank in Southeast Asia within the next five years, setting a new standard for financial inclusion and accessibility in the region.
Salmon’s journey is a clear indication that the state of banking in the Philippines is evolving. With companies like Salmon leading the charge, the future of banking in the country looks more inclusive, accessible, and driven by technology, offering new opportunities for millions of Filipinos who traditional financial institutions have long underserved.
About Salmon and the Asian Banking & Finance (ABF)
The Asian Banking & Finance (ABF) 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.
On the other hand, 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. It is supported by world-class shareholders including the International Finance Corporation, the sovereign wealth fund of Abu Dhabi (ADQ) and other blue-chip international and Filipino investors.