Recently, I had the opportunity to be interviewed by Maansi Vohra at the 2024 ECHELON conference, where we discussed the challenges posed by the Philippines’ “closed loop” legacy financial system and Salmon’s mission to transform it.
During the interview, I explored Salmon’s commitment to delivering accessible, transparent, and convenient financial services – unlocking the Philippines’ vast potential and driving meaningful change in the financial ecosystem.
I also shared insights into Salmon’s journey in the Philippines, including our acquisition of a controlling interest in the Rural Bank of Sta. Rosa (Laguna) and development of credit products that significantly reduce fraud and enhance access to credit for millions of Filipinos.
In this episode, I shared insights into scaling Salmon. We discussed how Salmon tackles the untapped market for flexible credit solutions, catering to the 107 million Filipinos who lack credit cards. Here’s a glimpse:
Why the Philippines?
The Philippines’ unsecured consumer lending market is booming, projected to exceed $80 billion by 2028, with a robust $500 billion GDP, making it ripe for fintech innovation and potential market dominance.
Solving Key Challenges
We address barriers like fragmented ID systems by using AI-powered facial recognition to streamline onboarding and improve accessibility. Our approach focuses on financial inclusion in a country where traditional banking has left many underserved.
Pavel conversing with Pat Alex on The Enthusiast podcast
Our Unique Strategy
We employ a dual-channel approach:
Offline onboarding through in-store agents.
Online cross-selling with products like revolving credit lines, allowing customers to seamlessly transition between credit and debit solutions.
Smarter Credit Scoring
Our AI-driven models rely on alternative data sources like mobile usage and retail partnerships, enabling us to deliver profitable loans in data-scarce environments. This method surpasses traditional credit scoring, empowering Salmon to serve even the hardest-to-reach segments.
Pavel Fedorov Blog 