Salmon, a company committed to improving access to credit, savings, and investments for over 500 million underserved customers in Southeast Asia, has been awarded the prestigious 2024 Asian Banking and Finance (ABF) Fintech Start-Up Award – Philippines.
The ceremony took place on July 4, 2024, at the Marina Bay Sands Expo and Convention Centre in Singapore, celebrating outstanding achievements in the fintech sector. The award was judged by a distinguished panel of 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.
This award recognizes the company’s innovative approach, cutting-edge AI-centered technology and commitment to transforming the traditionally exclusive banking landscape of the Philippines, where legacy banks have long catered to a limited group of customers, neglecting the needs of the mass customer in the country.
Co-founder and Chairman of its bank subsidiary, Raffy Montemayor expressed his gratitude, saying, “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.”
Salmon has rapidly emerged and gained recognition as a “different bank”, building its operations with a focus on the quality of customer care and service. Since its inception in 2022, the company has introduced a roster of AI-enabled products that cater to a broad range of financial needs, including Salmon Financing, a point-of-sale loan service, Salmon Credit, a 100% digital revolving credit line, and Salmon Time Deposit under the Rural Bank of Sta. Rosa (Laguna), Inc., which offers 8.88% interest for deposits of more than PHP500,000 for a 12-month period.
The ABF Fintech Start-Up Award also highlights Salmon’s success in leveraging technology to make financial services more accessible. By using advanced AI-driven credit evaluation methods and alternative data, Salmon makes fast and responsible lending decisions, even to those without previous credit histories. This approach not only sets a new standard in the industry but also opens opportunities for many who were previously excluded.
The company’s success is also due to its strong partnerships with key stakeholders and investors. With over $60 million raised in funding from prominent investors like the International Finance Corporation (IFC), which led the Series A-1 financing round and Abu Dhabi Developmental Holding Company (ADQ), as well as the Northstar Group, Salmon is well-positioned to scale its operations and introduce new financial products to the market, such as debit solutions, to enrich its offerings and deliver more value to customers, growing around 10x on key operational and financial metrics in 2024 vs 2023.
As Salmon continues to push boundaries of what is possible in the fintech industry, the recognition from ABF is a testament to Salmon’s significant impact and its potential to become the leading credit-led technology-centric bank in Southeast Asia within the next five years.
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