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Salmon’s Leap: From Fintech Startup to Licensed Bank in the Philippines


In a significant development in the Southeast Asian financial sector, Salmon, a fintech startup, has transitioned into a licensed banking entity in the Philippines. This milestone was achieved following the acquisition of a controlling interest in the Rural Bank of Sta. Rosa (Laguna), a well-established financial institution in the country since 1963. Salmon’s acquisition, which is poised to be finalized in the upcoming weeks, will see it owning 59.7% of the bank. This move marks a substantial leap for the company and reflects a growing trend of fintech companies transitioning into licensed banking operations in Southeast Asia.

Background of Salmon

Established in July 2022, Salmon has rapidly made a name for itself in the fintech domain. The company’s core mission is to enhance financial access to over 500 million underserved customers across Southeast Asia, focusing on credit, savings, and investment services. Salmon is recognized for its unique approach to banking, which blends both offline and online services, catering to a wide range of customers. Its commitment to stellar customer service is evident, with a high percentage of its clientele recommending Salmon to others. The company is backed by a strong investor base, including the sovereign wealth fund of Abu Dhabi ADQ, and has been at the forefront of employing AI and data-driven solutions to expand financial inclusion.

Salmon, the Philippines fintech company logo

Implications of Becoming a Licensed Bank

The transformation into a licensed bank is more than just a title change for Salmon. It allows the company to significantly expand its geographical reach and service offerings. With the acquisition, Salmon is now positioned to offer AI-centric consumer credit and debit products on a nationwide scale in the Philippines. This expansion is particularly significant given the company’s commitment to serving the underbanked and underserved communities. Plans are underway to establish new branches in key areas including Metro Manila, Cebu, and Davao, subject to further approval from the Bangko Sentral ng Pilipinas (BSP). This move is in line with the BSP’s Rural Bank Strengthening Program initiated in 2022, which aims to enhance the rural banking sector in the Philippines and promote inclusive growth. The shift to a licensed bank status is expected to bolster modern banking access for millions of Filipinos, addressing the needs of a dynamic, young, and technologically savvy population.

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Strategic Goals and Regional Focus

Salmon’s strategic expansion is not just a leap in scale but also in impact, especially for the Philippines. With its vision firmly set on enhancing banking services in underbanked areas, the company is targeting key regions like Metro Manila, Cebu, and Davao for its expansion. This regional focus is crucial given the significant portion of the Philippine population that still remains outside the traditional banking system. By opening new branches in these areas, Salmon is poised to play a pivotal role in fostering economic growth and financial stability in these communities. The company’s approach is not just about expanding its physical presence but also about enhancing accessibility and inclusiveness, catering to a young, diverse, and tech-savvy demographic that is rapidly evolving in its banking needs.

Executive Insights

The transformation of Salmon into a licensed bank has been led by a visionary team, including key figures like Raffy Montemayor, the Co-Founder and Business Head in the Philippines. Montemayor’s comments reflect the company’s dedication to driving financial inclusion and providing modern, customer-centric financial services. He emphasizes the importance of reaching underserved communities, highlighting Salmon’s unique approach that combines both offline and online settings to cater to a wider audience. Montemayor’s leadership and insights are crucial in guiding the company through this significant transition, ensuring that Salmon’s values and mission align seamlessly with its new role as a licensed bank.


Salmon’s journey from a fintech startup to a licensed bank in the Philippines is a testament to the dynamic nature of the financial industry in Southeast Asia. This transition is not just a significant achievement for the company but also marks a milestone in the region’s banking sector. It represents a growing trend where fintech companies are increasingly playing pivotal roles in shaping financial services. As Salmon embarks on this new chapter, its focus on financial inclusion, customer-centric services, and innovative solutions positions it to make a substantial impact in the Philippines. The cooperative efforts with institutions like the Rural Bank of Sta. Rosa (Laguna) and the support from the BSP underscore the collective drive towards enhancing the banking landscape in the country. Looking forward, Salmon’s role in the Philippines could serve as a blueprint for similar transformations in the broader Southeast Asian market.

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