Salmon, a financial technology group focused on consumer finance in Southeast Asia, has appointed Atty. Juan De Zuñiga Jr., a former member of the Bangko Sentral ng Pilipinas (BSP) Monetary Board, as an independent director of the Rural Bank of Sta. Rosa (Laguna) Inc., a Salmon subsidiary.
“We are honored to welcome Atty. Juan De Zuñiga to the board,” said Raffy Montemayor, co-founder of Salmon and chair of the Rural Bank of Sta. Rosa. “His deep understanding of the Philippine financial system and lifelong dedication to regulatory integrity are invaluable to us as we continue building a responsible, inclusive, and tech-driven bank that offers a best-in-class 8.88% time deposit product.”
De Zuñiga has more than 40 years of legal, regulatory, and governance experience in Philippine banking. He previously served as BSP deputy governor and general counsel, where he helped develop banking regulations, enforce financial laws, and promote governance across institutions. Most recently, he was the director representing the private sector at the Philippine Deposit Insurance Corp. (PDIC). His appointment is subject to standard BSP confirmation.
Salmon said the appointment reflects its focus on strengthening governance and regulatory compliance as it develops its finance platform in the Philippines and other markets. The company is backed by the International Finance Corp. of the World Bank Group and Abu Dhabi’s ADQ/Lunate sovereign wealth fund.
De Zuñiga’s presence on the board is expected to improve the bank’s oversight, legal capabilities, and engagement with stakeholders, Salmon said.
The Rural Bank of Sta. Rosa serves as the base of Salmon’s credit-driven, technology-enabled operations in the country.
De Zuñiga is widely regarded in the financial sector for his expertise in banking law and governance. His appointment highlights Salmon’s goal of combining technological innovation with strong fiduciary practices, the company added.
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