Salmon, a fintech company backed by Abu Dhabi’s sovereign wealth fund ADQ, has announced significant steps in its expansion journey. According to media reports, the company has acquired a 59.7% majority stake in Sta Rural Bank in the Philippines, following regulatory approval from the Central Bank of the Philippines.
Founded in 2022, Salmon aims to introduce innovative financial products centered around artificial intelligence, including credit products and debit cards. The company also plans to expand its operations by opening new branches to strengthen its market presence.
This expansion comes amidst significant financial inclusion challenges in the Philippines, where approximately 34 million Filipinos, equivalent to 44% of the adult population in 2021, do not have bank accounts. Salmon aims to address these challenges and offer innovative financial solutions to improve access to financial services.
In a related development, the International Finance Corporation is considering an investment of $7 million in Fintech Holdings Limited, the parent company of Salmon. This potential investment reflects the growing interest in the fintech sector in the region and demonstrates confidence in Salmon’s ability to impact the market positively.