- Abu Dhabi-backed consumer fintech firm Salmon, supported by ADQ, is set to acquire a 59.7% majority stake in the Rural Bank of Sta, following regulatory approval from the Philippine central bank.
- Launched in 2022, Salmon plans to introduce AI-centric consumer credit and debit products and expand its reach by opening new branches.
- With an estimated 34 million unbanked Filipinos, accounting for 44% of the adult population in 2021, Salmon aims to address financial inclusion challenges and bridge gaps in the market.
Consumer fintech firm Salmon, backed by Abu Dhabi sovereign wealth fund ADQ, announced its recent steps to acquire a 59.7% majority stake in Rural Bank of Sta, according to media reports, c
The company also added in its statement that it has secured regulatory approval from the Philippine central bank to acquire a 59.7% majority stake in Rural Bank of Sta.
Established in 2022, Salmon plans to introduce AI-centric consumer credit and debit products and expand its footprint by opening new branches.
With approximately 34 million unbanked Filipinos, constituting 44% of the adult population in 2021, Salmon aims to address financial inclusion challenges.
In a related development, the International Finance Corp is contemplating a $7 million equity investment in Fintech Holdings Ltd, Salmon’s operator.
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