According to Google News, fintech firm Salmon has expanded its retail lending operations by partnering with SM Appliance Center. The collaboration allows customers to access point-of-sale financing for appliances and electronics, marking a significant step in Salmon's strategy to increase its presence in the Philippine consumer credit market.
Salmon's move comes as the company seeks to capture a larger share of the country's underbanked population. By embedding its lending service into a major retail chain like SM Appliance Center, Salmon aims to offer convenient credit options at the point of sale, potentially boosting its loan portfolio and customer base. The partnership also provides SM Appliance Center with an additional payment method for its shoppers.
The expansion reflects a broader trend in Philippine retail where financial technology companies are increasingly tying up with brick-and-mortar stores to offer installment plans and other credit products. For Salmon, the partnership with one of the country's largest appliance retailers could help drive adoption of its digital lending platform while giving consumers more flexibility in purchasing big-ticket items.