Abu Dhabi-Backed Salmon Fintech Acquires Stake in Rural Bank
The company has plans for expansion, with a commitment to opening new branches to reach a broader audience in the Philippines.
Salmon, a consumer fintech firm with strong backing from Abu Dhabi's sovereign wealth fund ADQ, has acquired a 59.7% majority stake in the Rural Bank of Sta.[1]
Salmon confirmed that it has obtained regulatory approval from the Philippine Central Bank for the acquisition, marking a crucial milestone in its strategic expansion plan.
Established in 2022, Salmon is introducing AI-centric consumer credit and debit products.
The company also has ambitious plans for expansion, with a commitment to opening new branches to reach a broader audience in the Philippines.
One of Salmon's primary objectives is to tackle the pressing issue of financial inclusion in the country.
With approximately 34 million Filipinos still unbanked, representing a staggering 44% of the adult population as of 2021, Salmon aims to bridge this gap and provide accessible financial services to underserved communities.
In a related development, the International Finance Corp (IFC) is reportedly considering a substantial equity investment of $7 million in Fintech Holdings Ltd, the operator behind Salmon.
As Salmon charts its course towards reshaping the financial landscape in the Philippines, this acquisition and potential investment from IFC signal a new era for fintech in the region, promising innovative solutions and increased accessibility for millions of Filipinos currently excluded from traditional banking services.