Fintech
Salmon wins Fintech Start-Up Award at Asian Banking and Finance Fintech Awards 2024
MANILA, PHILIPPINES –
Media OutReach Newsletter – July 5, 2024 – Salmon, a company committed to improving access to credit, savings and investments for over 500 million underserved customers in Southeast Asia, has won the prestigious Asian Banking and Finance (ABF) Fintech Start-Up Award 2024 – Philippines. The ceremony was held 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 panel of high-level experts, including Alessandro Magarini Montenero, Financial Services Partner at Bain & Company; Ho Kok Young, Audit and Assurance Partner at Deloitte Singapore and CFO Program Leader at Deloitte Southeast Asia; Liew Nam Soon, Regional Managing Partner at EY ASEAN; and Mansi Singh, Financial Services Strategy and Operations Partner at PwC Southeast Asia Consulting. The award recognizes the company’s innovative approach, cutting-edge technology focused on AI, and commitment to transforming the traditional, exclusive banking landscape in the Philippines, where traditional banks have long catered to a limited group of customers while neglecting the needs of the country’s mass clientele. Co-founder and President of its banking 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 move forward and continue to provide cutting-edge financial solutions that truly make a difference in people’s lives.” Salmon quickly emerged and gained recognition as a “bank with a difference,” growing its operations with a focus on quality customer service and support. Since its founding in 2022, the company has introduced a series of AI-enabled products that meet a wide range of financial needs, including Salmon Financing, a point-of-sale lending service, Salmon Credit, a 100% digital revolving credit line, and Salmon Time Deposit at Rural Bank of Sta. Rosa (Laguna), Inc., which offers 8.88% interest on deposits above PHP500,000 for a period of 12 months. The ABF Fintech Start-Up Award also highlights Salmon’s success in leveraging technology to make financial services more accessible. Using advanced AI-based credit scoring methods and alternative data, Salmon makes fast and responsible lending decisions, even for those with no prior credit history. This approach not only sets a new standard in the industry, but also opens up 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 leading investors such as International Finance Corporation (IFC), which led the Series A-1 funding round, Abu Dhabi Developmental Holding Company (ADQ), as well as Northstar Group, Salmon is well positioned to scale its operations and bring to market new financial products, such as debt solutions, to enrich its offering and deliver greater value to clients, growing approximately 10x based on key operational and financial metrics in 2024 versus 2023.
As Salmon continues to push the boundaries of what is possible in the fintech sector, ABF’s recognition is a testament to Salmon’s significant impact and its potential to become the leading technology-focused, credit-driven bank in Southeast Asia within the next five years.
https://salmon.ph
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