First Shoshin Holdings unveils plan for $5M “fintech hub”

First Shoshin Holdings, Inc. (FSHI) today announced their plans to develop a FinTech Hub in the next twelve months, with the goal of creating an integrated financial services space to serve as a one-stop shop where Filipinos can perform financial transactions on-the-go.

The concept for the hub takes inspiration from an open floor model where financial providers are arranged in a “counterless” and “tellerless” environment and customers can queue via self-service kiosks to complete transactions such as pay bills, open an account, or send money.

A first of its kind, the hub will support products and services that will cater to over two million Filipinos in a 5-km radius to further power a digitally-enabled society via partnerships across financial providers such as Western Union, JoJo, cryptocurrency exchange providers, and core banking.

“In essence, we’re modernizing the way OTCs operate by creating a spread of financial services that address a wide spectrum of financial needs, all under one roof,” said Jack Ponce-Enrile, Chairman of First Shoshin Holdings. Strategically located along EDSA Makati, it is central to business districts with high foot traffic such as Rockwell, outer BGC, and Makati. First Shoshin will be investing $5M USD in the next twelve months to begin the development of the project.

Pushing FinTech progress amidst the COVID-19 crisis

Despite the current health crisis affecting the world, First Shoshin remains steadfast in its efforts to push FinTech progress as it recognizes the importance of effective access to a wide range of financial products and services for all Filipinos. “Promoting greater financial inclusion in the Philippines remains a pressing challenge. Our aim is to innovate and provide holistic and safe solutions to allow not just cashless payments but contactless as well, and the FinTech hub that we’re planning to build is something to look forward to. We’re positive that when the situation improves, we’ll be ready to be of service to the public,” said Ponce-Enrile.

Challenging the status quo with a tech-driven mindset

Apart from the FinTech Hub, First Shoshin has exciting plans in the pipeline including new product launches and initiatives to ramp up research and development of technologies like blockchain. Established in 2017, First Shoshin’s diverse portfolio brings together top innovators and problem solvers to create the future of financial technology, leveraging experience in different industries including logistics, banking, blockchain, crypto-exchange, fintech, gaming, software development, and real estate.

“We seek to disrupt, challenge, and transform the way things are done in our key industries and build solutions that harness the power of the latest technologies to make better experiences for everyone,” said Ponce-Enrile.