Salmon redefines banking with Rural Bank of Sta. Rosa (Laguna)’s digitalization

Salmon is redefining rural banking by spearheading the digital transformation of Rural Bank of Sta. Rosa (Laguna) to elevate the customer experience.

Salmon Co-Founder and Rural Bank of Sta. Rosa (Laguna) Chairperson Raffy Montemayor stated that the bank’s digital transformation is a cornerstone of its disruptive startup strategy, designed to enhance customer experience and solidify brand trust within the banking sector.

“Digitalization is essential for developing innovative bank products and services that enhance customer experience and expand our reach beyond traditional branches,” Mr. Montemayor said.

Mr. Montemayor also revealed that the Rural Bank of Sta. Rosa (Laguna) is currently developing a mobile banking app, which it hopes to launch this year subject to BSP approval.

“We aim to simplify banking for our depositors by incorporating the AI-powered features of the Salmon app, creating a seamless and convenient user experience,” he said. 

He reiterated that the digitalization of the Rural Bank of Sta. Rosa (Laguna) will reinforce Salmon’s commitment to creating a robust, market-leading consumer fintech ecosystem within the Philippines.

Salmon injected fresh capital to make the Rural Bank of Sta. Rosa (Laguna) a stable financial institution that attracts notable investors such as the International Finance Corp. (IFC), Singapore-based venture capital fund manager NorthStar Group, and Abu Dhabi’s sovereign wealth fund ADQ. The latest investment Salmon received was $7 million from IFC last May.

The investment of Salmon into the Rural Bank of Sta. Rosa (Laguna) and the enhancements made led to the bank’s total deposits soaring by 439% to PHP440 million from PHP82 million, and its loans increasing by 648% to PHP400 million from PHP54 million as of the end of May 2024. 

Rural Bank of Sta. Rosa (Laguna) Offers High-Yield Time Deposits 

Rural Bank of Sta. Rosa (Laguna) is enticing depositors with competitive interest rates. For time deposits above PHP500,000, the bank offers a generous 8.88% interest rate, particularly beneficial for residents of Laguna and nearby provinces. Those with deposits ranging from PHP50,000 to PHP500,000 can enjoy a 6% interest rate for a 12-month term.

To open a time deposit account or inquire about the offer, customers can visit or contact the following branches:

Head Office: F. Gomez St., Poblacion, Barangay Malusak, City of Sta. Rosa, Laguna; contact Edward Dela Cruz at (049) 534-1126 or 0997-952-7783.

Bacoor Branch: Evangelista Street, Barangay Daang Bukid, Bacoor, Cavite; contact Arthur Castor at (046) 434-6197 or 0955-861-7848.

Spotlight is BusinessWorld’s sponsored section that allows advertisers to amplify their brand and connect with BusinessWorld’s audience by publishing their stories on the BusinessWorld Web site. For more information, send an email to online@bworldonline.com.

Join us on Viber at https://bit.ly/3hv6bLA to get more updates and subscribe to BusinessWorld’s titles and get exclusive content through www.bworld-x.com.