Village Connect
In a groundbreaking move, Salmon, a disruptive fintech startup, is revolutionizing rural banking by leading the digital transformation of the Rural Bank of Sta. Rosa in Laguna. This strategic initiative aims to elevate the customer experience and solidify brand trust within the banking sector.
Raffy Montemayor, Co-Founder of Salmon and Chairperson of the Rural Bank of Sta. Rosa, emphasized the significance of digitalization in developing innovative banking products and services. “By embracing digital transformation, we can enhance customer experience and expand our reach beyond traditional branches,” Montemayor stated.
As part of this digital journey, the Rural Bank of Sta. Rosa is currently developing a mobile banking app, set to launch later this year, subject to BSP approval. The app will incorporate AI-powered features from the Salmon app, creating a seamless and convenient user experience for depositors.
Montemayor reiterated that the digitalization of the Rural Bank of Sta. Rosa aligns with Salmon’s commitment to building a robust, market-leading consumer fintech ecosystem in the Philippines.
Salmon’s fresh capital injection has transformed the Rural Bank of Sta. Rosa into a stable financial institution, attracting notable investors such as the International Finance Corporation (IFC), NorthStar Group, and Abu Dhabi’s sovereign wealth fund ADQ. The bank’s latest investment from IFC, amounting to $7 million, was received in May.
The enhancements made by Salmon have yielded impressive results for the Rural Bank of Sta. Rosa. As of the end of May 2024, the bank’s total deposits soared by 439% to PHP440 million from PHP82 million, while its loans increased by 648% to PHP400 million from PHP54 million.
To further entice depositors, the Rural Bank of Sta. Rosa is offering competitive interest rates on time deposits. For deposits above PHP500,000, the bank provides a generous 8.88% interest rate, benefiting residents of Laguna and nearby provinces. Depositors with amounts ranging from PHP50,000 to PHP500,000 can enjoy a 6% interest rate for a 12-month term.
As Salmon continues to drive the digital transformation of the Rural Bank of Sta. Rosa, it sets a new standard for rural banking in the Philippines, empowering customers with innovative financial solutions and an enhanced banking experience.
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.
