Salmon unlocks bigger sea with bold move

IN FOCUS

In today’s newsletter, we look at:

• Salmon’s unique path to becoming a SEA neobank
• The state of India’s NBFCs

Welcome to The Top Up! Delivered every fortnight via email and through the Tech in Asia website, this free newsletter breaks down the biggest stories and trends in fintech. Get it in your email inbox by registering here.

Hi there,

Humble beginnings can take you far – a truth that holds across different fields.

In the business realm, a prime example is Dhirubhai Ambani, founder of India’s Reliance Industries.

Having no formal education in business, he started his career as a clerk in a petrol station in Yemen. Driven by his entrepreneurial spirit, he gradually ventured into trading and eventually established one of India’s biggest conglomerates.

Another prominent figure from a humble background is Indian superstar Rajinikanth. He began as a bus conductor, only to later become an icon of Indian cinema.

These examples take me to this week’s Big Story on Philippine-based neobank Salmon, written by my colleague Miguel. The company, which “started with three guys, a pen, and a napkin on a table” in 2022, has successfully raised US$75 million in 27 months – a significant amount for a startup in the country.

Salmon took a unique approach in its pursuit of operating a neobank. Unlike peers Maya and GoTyme, which applied for a digital banking license from the Philippines’ central bank, Salmon acquired a rural bank in the country in January of this year, using that as the vehicle to launch its business.

On the topic of banking, I discuss the urgent need for regulations in India’s non-banking financial company (NBFC) sector in this week’s Hot Take.

On another note, this will be the last edition of The Top Up this year. The next one will be out on January 15, 2025. We wish you a happy and fulfilling holiday season!

— Samreen

THE BIG STORY

Salmon swims against the tide in digital banking

THE HOT TAKE

Subscribe now to be the first to know about the region’s hottest tech events