2024-01-09 12:12:42
Salmon, a consumer fintech company backed by Holdings Inc. (ADQ), said it has acquired a majority stake in a Philippine agricultural bank.
Salmon said in a statement that it had obtained approval from the Central Bank of the Philippines to buy 59.7 percent of the Santa Rosa Agricultural Bank in the Laguna region, south of the capital, Manila.
Salmon Company, which was founded in 2022, stated that it will offer credit products centered around artificial intelligence, and will open new branches.
The latest financial inclusion survey conducted by the Central Bank of the Philippines showed that about 34 million Filipinos are unbanked, or 44 percent of the total adult population, in 2021.
In December, the International Finance Corporation, an affiliate of the World Bank Group, said it was considering investing $7 million in the shares of the Financial Technology Holding Company, which operates Salomon.
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