The Philippine’s Bitcoin pioneer Bloom is joining First Shoshin Holdings, Inc.’s soon-to-rise FinTech Hub along EDSA in Makati City with the aim of providing better and greater financial access to Filipinos. Bloom combines blockchains and cryptocurrencies with compliance tools to create a modern remittance network. Through this partnership, Bloom will further expand its reach to millions of Filipinos and be part of the biggest FinTech marketplace alongside other financial services providers like banks, cryptocurrency exchange providers, and money transfers operators like Western Union.
Bloom is a Manila-based financial technology startup and is a virtual currency exchange license holder, allowing it to legally convert fiat money (pesos) into cryptocurrency and vice versa. The company provides modern blockchain solutions to money transfer businesses around the world. Incorporated in October 2015, Bloom has seen exciting growth in its first year of operation, attracting both investors and business customers alike with its cost-saving platform.
“Bloom has long believed that cryptocurrencies and blockchain technology will help pave the way for financial inclusion and greater access for the average Filipino. With this partnership, we aim to build a safe and secure way for the Philippines to access cryptocurrencies, thus opening up new opportunities for Pinoys to compete on a global scale,” says Bloom Chief Strategic Officer and Founder Mr. Luis Buenaventura.
Since its mission is to use cryptocurrency and blockchain to solve real-world problems, Bloom’s natural focus is remittances. First Shoshin is glad to partner up with a company that shares the same vision about helping people move money more effectively. Bloom is showing Filipinos, particularly OFWs, the advantages of using cryptocurrency like Bitcoin as a transfer mechanism to make sending money to loved ones a lot quicker and more cost-effective. The usual remittance transaction takes a lot of time and money. The main advantages of cryptocurrency transfers are fees and speed.
“Sending fiat to another country through a money transfer service or bank wire isn’t always a smooth ride. But convert that to cryptocurrency, people can send money to anyone, anywhere in mere seconds. We’re creating better alternatives for Filipinos, and with Bloom, people can experience over-the-counter remittance in a whole new, better way,” according to First Shoshin Chairman Jack Ponce-Enrile.
Mr. Ponce-Enrile also shared that the vision for their FinTech Hub is not about competition but creating an integrated financial services space where Filipinos are offered better alternatives. A first of its kind, the hub will support fintech businesses and foster the country’s fintech industry by creating a spread of financial services that address a wide spectrum of financial needs, all under one roof.
The FinTech hub aims to be a one-stop-shop where Filipinos can perform financial transactions on-the-go and will implement an open floor model where financial providers are arranged in a “counterless” and “tellerless” environment, thereby modernizing how we experience over-the-counter financial services especially during a COVID-challenged world where social distancing and health and safety measures are of paramount importance.
Strategically located along EDSA Makati, the FinTech Hub is central to business districts with high foot traffic such as Rockwell, outer BGC, and Makati. First Shoshin has invested US$5M for the development of the project which is set to open in Q3 of 2020.