Tokoin to Support MSMEs’ Acceleration of Hong Kong’s Trading and Tourism Industry
Tokoin visited Hong Kong as the first country in our global roadshow to introduce Tokoin’s platform. As one of the world’s leading international financial centers, Hong Kong relies its economy on service-oriented businesses, as characterized by low taxation, almost-free port trade, and a well-established international financial market.
Hong Kong’s global trading has been flourishing for being supported by its convenient supply chain industry, as well as its shipping and logistics type of business. In the late 20th century, Hong Kong was ranked as 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 is also popular for its tourism industry as it is one of the major pillars of the economy of Hong Kong. In 2016 alone, tourism industry contributed to around 5% of Hong Kong’s GDP and employed around 258.900 people, 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 soared further by 9.6% in the first quarter of 2018 over the same period in 2017, mainly bolstered by 12.6% growth in Mainland arrivals.
Tokoin aims to support the industrial sector with targeted utilization of its use cases. Particularly for Hong Kong, logistics and property use cases will be beneficial for MSMEs which often find it difficult to expand their business by opening a new branch and for business people who have the need for convenient access to their supply chain business needs.
Tokoin can bring together the convenient ‘meet-the-needs’ concept between Tokoin’s users and its partners. Providing easy access to business expansion opportunities, Tokoin can help its users obtain the credibility in a valuable data record as their collateral.
As a platform which optimizes blockchain technology to establish a valid identity for and reputation of MSMEs, Tokoin offers a solution that allows Tokoin’s users to establish a trusted profile with security for all stakeholders in the ecosystem. Currently, in the world of MSMEs, there is one complex issue which cannot be solved easily, which is that the need for transaction data capture causes a roadblock in the MSMEs system itself. By leveraging blockchain which emphasizes on its decentralized capability to give incentives to users who contribute to the network, Tokoin plays its role by providing the correct data.
The replication multitude of transactions could be made within minutes yet guarantee data integrity needed by MSMEs. This way, they could leverage their business in a sustainable way. By using blockchain, it also means that Tokoin implements encryptions that enable the system to transact faster but also more securely.
Tokoin carries missions to help MSMEs in building a trusted profile with integrity, providing a virtual ledger for each user’s transaction, eliminating financial inclusion barriers, and increasing economic capabilities of the whole MSME ecosystem.
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