Tokoin to Support the MSME’s Acceleration of Hong Kong Trading and Tourism Industry

Tokoin.io visiting Hong Kong as our first global roadshow to introduce Tokoin Platform. Hong Kong as one of the world’s leading international financial centres, Hong Kong’s service-oriented economy is characterized by its low taxation, almost free port trade and well established international financial market.

Hong Kong global trading flourished as they supported with the convenient supply chain industry, the shipping and logistics type of business. The fact was proven by the late 20th century, Hong Kong was the seventh largest port in the world and second only to New York and Rotterdam in terms of container throughput.

Not only well known for its trading industry Hong Kong also popular for its tourism industry. The tourism industry is one of the major pillars of the economy of Hong Kong.

In 2016, it contributed to around 5% of Hong Kong’s GDP and employed around 258.900 persons, accounting for about 7% of total employment. In 2017, total visitor arrivals rebounded by 3.2% over 2016 to 58.5 million, of which overnight arrivals rose by 5.0%. The Mainland continued to be the largest source market of Hong Kong, accounting for around 76% of our visitors. The total number of visitors rose further by 9.6% in the first quarter of 2018 over the same period in 2017, mainly bolstered by a 12.6% growth in Mainland arrivals.

Tokoin aims to support the industrial sector with the targeted utilization of its use-cases. As for Hong Kong, the logistics and property use-cases. The MSMEs who often find, it is difficult to grow the business because of the difficulty of expanding by opening a new branch, or for the business people who have the needs for convenient access to their supply chain business needs.

Tokoin can bring together for a convenient “meets the needs” between users and partners. As for the easy access to growing business through expansion, we can help you to generate the credibility of a valuable data record as your collateral.

As a platform that leveraging blockchain technology to establish Valid identity and reputation of MSMEs. We offer a solution that allowing TOKOIN users to build a trust-able profile with security for all stakeholders in the ecosystem.

In the world of MSMEs, there is one complex question that can`t be solved by the current system. Because of the needs of the transaction data capture, causing a roadblock in the MSMEs system itself. By leveraging Blockchain that emphasizing the decentralized capability to incentivize users who contribute to the network, by providing correct data is where TOKOIN roles play.

The replication multitude of transactions could be made within minutes and yet guarantee. Data integrity needed by the MSMEs. So they could leverage their business in a sustainable way.

By using blockchain it also means TOKOIN implement encryption that enables the system to transact faster but also secure.

Tokoin carries missions to help MSMEs to; built a trusted profile with integrity, providing virtual ledger for each users transaction, lower financial inclusion barriers, and increasing economic capability of the whole MSMEs ecosystem.

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Solving the Inconvenient Access to Credit of MSMEs

“SMEs are less likely to be able to obtain bank loans than large firms; instead, they rely on internal funds, or cash from friends and family, to launch and initially run their enterprises” Worldbank.

According to the global record, Formal SMEs contribute up to 60% of total employment and up to 40% of national income (GDP) in emerging economies. The number got even higher when micro and informal SMEs are included. However, access to finance often constraint MSME’s growth. Within the absence from access to capital, many MSMEs find it difficult to grow, not infrequently comes to stagnation, or even languish.

To be compared with large firms, SMEs are less likely able to obtain bank loans. This is when we talk about formal SMEs, what about the informal? The financing gap is even larger when micro and informal enterprises are taken into account. The number increases to 70% of the micro, small and medium-sized enterprises (MSMEs) in emerging markets still lack access to credit.

Financial institution as bank or insurance, require credit scoring or credibility status to whoever who wants to apply a credit proposal. Though MSMEs has a massive contribution to the emerging market, the absence of credit scoring and lack of credibility status makes them very hard to obtain future financial institution’s fund.

What we do

A key area of the Tokoin work is to accelerate MSME’s through convenient access to finance and find innovative solutions to unlock sources of capital.

Our approach is by enabling the blockchain technology on our platform, combining digital identity and digital ledger to build MSMEs credit scoring services, to increase MSME’s economic scale. This technology has a similar function as the bank account for its transactional recording. However, the blockchain gave their user authority to themselves. Each user are liberated to share assets to whoever they trust, directly.

With this proper technological implementation, we facilitate the MSME sector to embrace economic inclusion.

The idea is to bring prosperity to MSMEs. On this modern business ecosystem, Tokoin allows the MSMEs on having the financial records as similar as with the bank. Every transaction that is initiated through Tokoin’s platform is accurately recorded with timestamps.

By thus, Tokoin facilitates MSMEs to have a better record of financial transactions, as a form of credit history to build the credibility status of their business. The transaction history of the MSME initiation is a guarantee of business feasibility to access various business solutions.