Salmon has received regulatory approval from the Monetary Board of the Bangko Sentral ng Pilipinas to acquire the controlling interest in the Rural Bank of Sta. Rosa .

Following this announcement, Salmon is expected to own 59.7% of the financial institution upon the completion of this transaction, which is set to conclude in the following weeks. The bank’s license, as well as its geographic footprint, will give Salmon the possibility to provide AI-centric customer credit and debit products around the nation. The company will continue to operate both in online and offline settings and to prioritise improved customer service.

This acquisition will enable Salmon to become a licensed bank in a major market, which represents a significant step in the firm’s overall development strategy. The deal will also optimise and accelerate access to modern banking services for underserved and underbanked customers in the region of the Philippines, in key areas such as Metro Manila, Cebu, and Davao. In the future, Salmon aims to open new branches in these regions, the plan being currently subject to BSP approval.

The transaction also supports the overall Rural Bank Strengthening Program, which was launched by the BSP in 2022 in order to optimise the country’s rural banking sector and to promote inclusive development. At the same time, the project aimed to address the changing needs, preferences, and demands of the dynamic and young population of the Philippines. Salmon will continue to optimise the bank’s offline presence by providing it with significant capital and technology in order to develop its offerings and to improve its clients’ overall experience.

The company’s suite of customer-centric and easy-to-access products will be extended across all channels as well.  Salmon’s recent strategy of development Financial technology company, Salmon had several partnerships and product launches in the last couple of months, covering multiple areas geographically. In September 2023, Salmon announced the launch of its credit line product, Salmon Credit, which was developed with built-in QR Ph payment options. The new solutions aimed to provide users with easy and flexible access to credit, funding their daily spending needs and demands without the need for a separate loan application for each of their purchases.

Customers were given the possibility to see their initial credit limit increase as they made more purchases and repayments with Salmon Credit, while subject to certain conditions needed to be made at the same time. .