Tokoin.io – Aiming at supporting MSMEs to get more access in accelerating their businesses, Tokoin set out to introduce its platform and aspirations for MSMEs on the global scale.
On April 6, 2019, Tokoin took part in Jakarta’s Binance Meet-up and gave a short seminar to share Tokoin’s aspirations for MSMEs to the international audience. To efficiently demonstrate the application of our business model, Tokoin was represented by Mutia Rachmi, Tokoin’s Project Manager at that time.
The business concept that Tokoin offers covers important global economic issues in this vastly advancing era. Tokoin’s target users and market, MSMEs, constitute one of the biggest economic driving forces in developing countries. For instance, MSMEs in Indonesia contribute 60.3% revenue to the country’s Gross Domestic Product (GDP) and 97% of the national labor.
With more than 400 million existing businesses, MSMEs are deemed one of the most significant sectors globally. Currently, the majority of MSMEs are operating in developing countries. Tokoin aspires to manifest solutions in order to ease the burden of MSMEs from actual problems they encounter by utilizing the blockchain technology for data distribution and tokenization rewards. The solutions from Tokoin will be carried out properly in collaboration with business partners from financial institutions which share the same vision to accelerate MSME development.
In reality, MSMEs often find it difficult to accelerate their business. The lack of access to funding from financial institutions or insurance companies commonly hinders them from developing their business. They often get refusal when applying for a bank loan. Banks which provide commercial loans prefer to allocate their resources to larger firms rather than MSMEs. According to banks, higher default risks, the lack of financial transparency, and the lack of assets for a mortgage are major factors which prevent them from lending money to SMEs.
Aiming to support the industrial sector with targeted utilization of its use cases, Tokoin carries the mission to help MSMEs which often find it difficult to grow their business. Tokoin brings together the convenient ‘meet-the-needs’ concept between Tokoin’s users and its partners. It serves as a platform which optimizes blockchain technology to establish a valid identity for and reputation of MSMEs. Tokoin issues a digital identity and digital ledger to build MSMEs’ credit scoring services in order to increase their economic scale. This will become a solution that allows Tokoin’s users to establish a trusted profile with security for all stakeholders in the ecosystem.
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