Through Precise Utilization of Use Cases, Tokoin Helps MSMEs to Embrace Financial Inclusion – Many research studies affirm that the most hindrance to the growth rate of MSME business is the lack of access to funding from financial institutions. Without convenient access to the source of fund, such as bank credit, MSMEs’ business growth will be stuck at where they start off.

For example, a merchant who needs to double his profit has to double his moving capital. Usually, he will resort to using personal wealth or loans from close relatives. However, it doesn’t always work out well as planned. Commonly, he won’t get the exact nominal as desired in the first place.

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Providing Credibility Records, Tokoin Helps Vietnam’s MSMEs to Embrace Financial Inclusion

Tokoin on Vietnam’s Roadshow – Targeting the global MSME sector, Tokoin conducted a global roadshow to several countries, including Vietnam as the third country to visit. Following the visits to Hong Kong and Singapore, Tokoin’s introduction in Vietnam also received a warm welcome.

The Vietnam’s roadshow consisted of a panel discussion and a talk show presented by two speakers from Tokoin and two guests who are Vietnamese industry players.

Tokoin was represented by Reiner Bonifasius Rahardja as the CEO of Tokoin, and Gun Hee Lee and Michael Park from Blockcrafters Capital as Tokoin’s advisors.

“As a blockchain platform, Tokoin will provide MSMEs with a digital business ID and a digital ledger to record every transaction carried out by the MSMEs on our platform,”

Reiner said

Having a similar business culture to that of Indonesia, Vietnam’s industrial sector is also supported by MSMEs as the driving forces. As one of the developing countries in Asia, Vietnam has attained remarkable economic growth and sustainability. In line with the country’s economic development, Small- and medium-sized enterprises have also experienced exponential growth.

Small and medium-sized enterprises play a major role in Vietnam. Being the country’s economic driving forces, Vietnam’s SMEs account for 98% of all enterprises, 40% of GDP, and 50% of employment. The number of SMEs has risen by around 100,000.

However, despite those phenomenal achievements, Vietnam’s SMEs remain weak in terms of access to business solutions, such as funding and insurance. Credit access becomes a major concern for Vietnam’s MSMEs. 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.

As a person who has for long been involved in the MSMEs world, Reiner really understands how difficult it is for MSMEs to accelerating their business.

“There are more than 400 million MSMEs in developing countries, comprising of more than 90% of the world’s businesses. Thus far, MSMEs have had difficulties in accessing business assistance from financial institutions. They are constrained by the requirements for the credibility of the business. And this happens because they can’t provide a complete record of financial transactions.”

said Reiner Rahardja

By using blockchain technology, Tokoin is able to assist Vietnam’s MSMEs in building credible credit scoring by recording every transaction.

“By combining a digital identity and a digital ledger, Tokoin will be able to provide MSMEs with credit scoring services. With proper technology implementation, Tokoin facilitates MSMEs to record every transaction as a set of data that can be used to achieve financial transparency. This technology provides MSMEs with valuable assets which help them to embrace economic inclusion,”

added Michael Park

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Exclusive Meet-up and Token 2049: Tokoin Receives Positive Responses in Hong Kong – For 2019, Asia has been acclaimed as the center of innovation for blockchain and crypto. This is indicated by the growing number of blockchain projects in Asian countries, such as Korea, Singapore, and China, making the region a hotbed of blockchain innovation and adoption.

To expand outreach in the international market, Tokoin visited various countries following the Global Roadshow agenda to introduce itself and establish networks in the wider blockchain industrial ecosystem.

The first visit was to Hong Kong, in which Tokoin’s team held an exclusive meet-up and took part in the 2019 Asia Crypto Week. In the Token 2049 event, Tokoin built its presence and built networks with industry players from overseas countries.

Tokoin’s exclusive meet-up was attended by around 40 people who are major blockchain industry players, including Ian Sullivan, a blockchain expert and start-up advisor, as well as c-level audiences and the representatives from CryptoFund.

Tony Tan from the New Century Global Center and the Token 2049’s sponsor remarked, “Tokoin has a very good business model and an ecosystem that is also very potential to develop. China also has a similar project, but in Indonesia, with a prediction of the business climate, the Tokoin project can develop more profitably.”

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.

By using blockchain, Tokoin implements encryption that enables the system to process transactions faster but also in a more secure manner. It offers solutions that allow MSMEs to build a reliable profile as a reputable credit scoring with guaranteed security to access business solutions, such as funding, property credit, and business insurance.

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Visiting Singapore, Tokoin Aims to Meet the needs of Singapore’s SMEs sector – Asia has become a center of attention as a region where blockchain and business growth flourish hand-in-hand. Since the industry and blockchain meet the needs of each other, many sectors in emerging countries implement blockchain as the groundwork for their platforms, and these include Singapore’s business sectors.

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