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

MANILA, PHILIPPINES –
Media OutReach Newswire – 5 July 2024 – Salmon, an organization dedicated to bettering entry to credit score, financial savings, and investments for over 500 million underserved clients in Southeast Asia, has been awarded the distinguished 2024 Asian Banking and Finance (ABF) Fintech Begin-Up Award – Philippines.

The ceremony passed off on July 4, 2024, on the Marina Bay Sands Expo and Conference Centre in Singapore, celebrating excellent achievements within the fintech sector. The award was judged by a distinguished panel of specialists, together with Alessandro Magarini Montenero, Companion for Monetary Companies at Bain & Firm; Ho Kok Younger, Audit and Assurance Companion at Deloitte Singapore and CFO Program Chief of Deloitte Southeast Asia; Liew Nam Quickly, Regional Managing Companion of EY ASEAN; and Mansi Singh, Monetary Companies Technique and Operations Companion at PwC Southeast Asia Consulting.

This award acknowledges the corporate’s revolutionary strategy, cutting-edge AI-centered know-how and dedication to reworking the historically unique banking panorama of the Philippines, the place legacy banks have lengthy catered to a restricted group of consumers, neglecting the wants of the mass buyer within the nation.

Co-founder and Chairman of its financial institution subsidiary, Raffy Montemayor expressed his gratitude, saying, “We’re deeply honored to be acknowledged by Asian Banking and Finance. This award is a testomony to our dedication to reworking the monetary panorama within the Philippines. We’re excited to construct on this success and it motivates us to maintain going ahead and proceed offering cutting-edge monetary options that actually make a distinction in individuals’s lives.”

Salmon has quickly emerged and gained recognition as a “completely different financial institution”, constructing its operations with a give attention to the standard of buyer care and repair. Since its inception in 2022, the corporate has launched a roster of AI-enabled merchandise that cater to a broad vary of monetary wants, together with Salmon Financing, a point-of-sale mortgage service, Salmon Credit score, a 100% digital revolving credit score line, and Salmon Time Deposit beneath the Rural Financial institution of Sta. Rosa (Laguna), Inc., which affords 8.88% curiosity for deposits of greater than PHP500,000 for a 12-month interval.

The ABF Fintech Begin-Up Award additionally highlights Salmon’s success in leveraging know-how to make monetary providers extra accessible. By utilizing superior AI-driven credit score analysis strategies and various knowledge, Salmon makes quick and accountable lending choices, even to these with out earlier credit score histories. This strategy not solely units a brand new commonplace within the trade but in addition opens alternatives for a lot of who had been beforehand excluded.

The corporate’s success can be resulting from its robust partnerships with key stakeholders and buyers. With over $60 million raised in funding from distinguished buyers just like the Worldwide Finance Company (IFC), which led the Sequence A-1 financing spherical and Abu Dhabi Developmental Holding Firm (ADQ), in addition to the Northstar Group, Salmon is well-positioned to scale its operations and introduce new monetary merchandise to the market, corresponding to debit options, to complement its choices and ship extra worth to clients, rising round 10x on key operational and monetary metrics in 2024 vs 2023.