MANILA, Philippines, Jan 10 (Bernama-BUSINESS WIRE) — Salmon, a fintech working to improve access to credit, savings and investments for over 500 million underserved customers in Southeast Asia, announces that it has received regulatory approval from the Monetary Board of the Bangko Sentral ng Pilipinas (BSP) to acquire the controlling interest in Rural Bank of Sta. Rosa (Laguna), a well-respected licensed financial institution serving Filipino communities since 1963.
Salmon will own 59.7% of the bank upon completion of this transaction, which will conclude in the coming weeks. The bank’s license and its geographic footprint will enable Salmon to offer AI-centric consumer credit and debit products nationwide. Salmon operates both in offline and online settings, differentiating itself by emphasizing stellar customer service with 92% of the company’s clients saying they would recommend Salmon to friends and family.