Modern Australian
Men's Weekly

.

Salmon wins Fintech Start-Up Award at the Asian Banking and Finance Fintech Awards 2024

MANILA, PHILIPPINES - Media OutReach Newswire - 5 July 2024 - 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.
Hashtag: #Salmon





The issuer is solely responsible for the content of this announcement.

About Asian Banking & Finance (ABF)

Asian Banking & Finance (ABF) is the premier magazine dedicated to Asia's dynamic financial services sector. As the leading source of news, features, profiles, and sector analyses, ABF caters to commercial, retail, and investment banking professionals across the region.


Published quarterly, the print edition boasts a circulation of 7,250 copies, reaching an audience of 29,000 senior executives and decision-makers in Asia's financial firms. Complementing the print magazine, the ABF website delivers daily updates and insights, ensuring comprehensive coverage of industry developments.

ABF is part of the Charlton Media Group, a prominent B2B publication and events company in Asia, with renowned titles including Singapore Business Review, Hong Kong Business, and Insurance Asia.

About the Salmon Group Ltd

Salmon Group Ltd, founded in 2022 by fintech and banking veterans Pavel Fedorov, George Chesakov and Raffy Montemayor, owns and operates its subsidiaries in the Philippines, including Sunprime Finance Inc. and the Rural Bank of Sta. Rosa (Laguna), Inc., which was established in 1963. The Group is dedicated to expanding financial inclusion by providing customers with cutting-edge, customer-centric, AI and data-driven banking and financial services. It is on a mission to empower clients underserved by legacy banks across Southeast Asia and is supported by world-class shareholders including International Finance Corporation, the sovereign wealth fund of Abu Dhabi (ADQ) and other blue-chip international and Filipino investors.

Media contacts Salmon:

The Cost of Converting a Shipping Container into a Liveable Space

Container conversions often require more planning and labour than expected Early costs include foundations, framing, and structural reinforceme...

Marriage Celebrant for Modern Lovers Who Want Something Different

Many couples today feel pressure to follow the same wedding traditions their parents or grandparents did. They might sit through long ceremonies that ...

Why Everyone’s Signing Up for Fitstop’s 6-Week Challenge (Again)

Hint: It’s not just for the gains. Somewhere between the endless TikTok fitness hacks and the unrealistic “30-day shred” promises, we forgot ...

The Mental & Financial Benefits of Minimalist Caravan Travel

Minimalist caravan travel has grown in popularity, not just for its practical appeal but also for the sense of freedom it brings. With the rise of c...

Sydney Property Lawyers: Your Complete Guide to Smooth Transactions

Navigating the Sydney property market can feel like traversing a minefield, can't it? The process, laden with legal jargon and complex procedures, o...

Electrician Perth: Your Go-To Guide for Home Electrical Safety

When it comes to keeping your home safe and sound, electricity is something you simply can't afford to ignore. Faulty wiring, outdated switchboards...

Why More Homes and Businesses Are Choosing an Electric Sliding Door

Convenience, aesthetics, and technology often go hand in hand when it comes to architectural choices. One solution that delivers all three is the el...

Real Estate Rubbish Removal That Keeps Properties Market-Ready

When it comes to real estate, presentation is everything. Whether it’s a property for rent or sale, first impressions count. Cluttered backyards, ...

Real Estate Rubbish Removal That Keeps Properties Market-Ready

When it comes to real estate, presentation is everything. Whether it’s a property for rent or sale, first impressions count. Cluttered backyards, ...

Ironman 4x4: Building Complete Suspension Systems for Australia

The name Ironman 4x4 resonates throughout Australia's 4WD community, particularly when discussing Ironman suspension solutions. This Australian bran...

Pontoon Boats - The New Must-Have for Luxe Canal Homes

If you are living on a canal in Australia, you are already living the dream. But living near the water without a boat is like owning a horse without...

Perth Airport Transfers: Choosing the Right Service

Touching down in a new city can be exciting, but let's be honest, it can also be a bit stressful. After a long flight, the last thing you want to wo...

How to Save Smart: Cheapest Travel Insurance for Schengen Visa without Cutting Corners

Picture this: you’ve found a last-minute flight to Milan, your hotel booking comes with breakfast and a rooftop view, and your itinerary is ready ...

Keeping Lone and Remote Workers Safe: Employer Duties and Practical Solutions

In Australia, thousands of employees work alone, in remote locations, or in direct contact with the public every day. While these roles are critical...

How Your General Dentist Supports Your Smile Over a Lifetime

A healthy grin is more than just a desirable feature; it reflects overall health, well-being, and self-esteem. Our oral health needs evolve from chi...

A Brighter Smile in Sydney: Expert Cosmetic Dentists and Veneers Solutions

A confident smile can open doors, boost your self-esteem, and leave a lasting impression. In Sydney, more people than ever are turning to cosmetic den...

How To Keep Vase Flowers Fresh Through Australia’s Coldest Months

Winter flowers develop slowly, which gives them stronger structure and longer vase life Heat from indoor environments is the biggest threat to th...

Artificial Intelligence is Powering the Growth of Australian Telehealth Services

Many Australians have traditionally experienced difficulties in accessing timely and quality healthcare, especially those who live in rural or remot...