2 days ago
4
Salmon has announced a strategic partnership with the Philippine Statistics Authority (PSA) to integrate the National ID eVerify system into its platform, marking a major leap toward faster, more secure, and more accessible financial services for Filipinos. The initiative aims to remove barriers to financial inclusion by eliminating the need for physical documents and in-person verification, allowing businesses and individuals to authenticate identities remotely, instantly, and securely.
In the Philippines, traditional identity verification has long been a challenge, requiring paperwork, in-person visits, and prolonged approval processes. These obstacles have made it difficult for many, especially those in remote areas, to access financial services. By incorporating PSA’s National ID eVerify, Salmon enables seamless digital verification, drastically reducing processing times for financial transactions.
The integration comes with several key benefits, including seamless account opening, faster loan approvals, and stronger fraud prevention. Customers can now verify their identities digitally, making onboarding more efficient and compliant with Know Your Customer (KYC) regulations. Loan applications will also be processed quicker, as financial institutions can authenticate applicants instantly. This system will also enhance financial security by reducing identity fraud risks and ensuring transactions are more secure.
Through this initiative, more Filipinos, including resident aliens, can open accounts and gain access to banking services, bridging the financial gap for underserved communities. Raffy Montemayor, Co-Founder of Salmon and Chairman of the Rural Bank of Sta. Rosa (Laguna), Inc., emphasized the company’s commitment to digital banking transformation, stating:
“We are committed to making identity verification more efficient and secure for our customers. Integrating PSA’s National ID eVerify removes unnecessary barriers, making financial services more accessible to everyone.”
Salmon is rapidly reshaping digital banking, enhancing security, and streamlining banking operations. As more businesses adopt National ID eVerify, the financial sector in the Philippines is set to become faster, safer, and smarter.
Salmon Group Ltd, including its subsidiaries Sunprime Finance Inc. and the Rural Bank of Sta. Rosa (Laguna), Inc., is a fast-growing fintech company dedicated to improving financial access across Southeast Asia. The company is backed by global investors, including the International Finance Corporation (IFC) and Abu Dhabi’s sovereign wealth fund (ADQ).
The PSA continues to play a crucial role in the country’s financial evolution, ensuring that its National ID eVerify service strengthens security, promotes financial inclusion, and enhances digital transactions nationwide.
