SALMON, a financial technology company working to improve access to credit, savings and investments for over 500 million underserved customers in Southeast Asia, announced 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).
Salmon will own 59.7 percent of the bank upon the completion of this transaction, which will conclude in the coming weeks.
The bank’s license and its geographic footprint will enable Salmon to offer artificial intelligence-centric consumer credit and debit products nationwide.
The deal will also bolster access to modern banking services for millions of underserved and underbanked Filipinos in key regions including Metro Manila, Cebu and Davao, where Salmon plans to open new branches, subject to BSP approval.