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.
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.
See or hear the full episode here: https://open.spotify.com/episode/4aO7Bojx0nyDdvROewHq2U?si=a9fc8d77b87440bc
Pavel Fedorov Blog 