Financial app for women partners with First Shoshin for market and e-wallet features

Bixie, a financial empowerment app for women, has partnered with FirstShoshin Holdings Corp. (FSHC) for the development of its upcoming features, which are scheduled to launch in the third quarter of 2022.

FSHC, a technology investment firm, will assist Bixie in its plans to offer a payment wallet and marketplace for financial products on its platform via APIs (or application programming interface, which allows applications to talk to each other) and blockchain technology, said Rosalia Gitau, co-founder and CEO of Bixie. The app will also leverage Bangko Sentral ng Pilipinas FSHC Payment System Operators license.

This collaboration offers Bixie the possibility of adapting its offers to become a central access point for its users.

« Bixie’s UVP [unique value proposition] is that we are able to inspire women to start their investment journey by uniquely designing an investment journey tailored to the way women interact with money,” said Ms. Gitau. Business world in an email.

The tools currently available in the Bixie app are: a fun learning experience about investing, saving, and budgeting; personalized calculations of his FIRE (Financial Independence, Retire Early) number; and a goal setting function.

Supporters of FIRE, a retirement movement, save up to 70% of their annual income with the goal of retiring early and living on small withdrawals from their savings.

Ms. Gitau said the app also has partnerships with humanitarian organizations that help it achieve its financial inclusion mission. One is with the nonprofit International Catholic Relief Services, which Bixie and Unionbank are partnering with on April 19 to provide capital and investment to Filipino-owned businesses.

According to the World Bank Group’s 2017 Global Findex report, more than one billion women still do not use or have access to the financial system.

Bixie’s user base grew to 5,000 within two months of its market launch in November 2021, Ms Gitau said in a subsequent WhatsApp call. It has a larger community of around 12,000 members who attend offline and online dating.

While the vast majority of its users are Filipinos, Bixie is a global company with plans to expand into Asia and Africa, she added.

The FSSI-Bixie partnership was born out of mutual contact, said Ms Gitau Business world. “There was a lot of alignment in our vision… They are technically strong; we are determined to create a community of women interested in finance.

In a press release, FSHC Co-Chair Sally Ponce-Enrile said the company was “excited” to partner with Bixie and continue its mission to provide better financial management for Filipino women.

“[We] share the vision of the banking of the unbanked majority. With our digital payment capabilities, we are honored to evolve the full Bixie app and be part of their movement to provide better ways for women to manage their money,” said Ms. Ponce-Enrile. — Patricia Mirasol

About Stuart M. McFarland

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