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© 2019 TOKOIN. All rights reserved.
 Table of Contents

Disclaimer 2
Abstract 5
1. Background 7
1.1. Industry Overview 8
1.2. Problems 9
1.3. Challenges 12
1.4. Solution 12
1.5. Mission 14
2. About Tokoin 15
2.1. Overview 16
2.2. Value Proposition 16
2.3. Characteristic of Tokoin 17
2.4. Ecosystem 18
2.5. Participant role 21
2.6. How to get data 24
3. Token Economy 24
3.1. TOKO Token 25
3.2. TOKO Incentive Pool 27
4. Product & Technology 28
4.1. Technology Aspect 29
4.2. Feature 31
4.3. Product 32
5. Fundraising Plan 33
5.1 Roadmap 34
5.2 Token Distribution 35
5.3 Team 37
6. Business Partners 40
7. Reference 43

PAGE 1
Disclaimer

PLEASE REVIEW CAREFULLY THE PRESENT SECTION “DISCLAIMER OF

LIABILITY”. IF YOU HAVE ANY DOUBTS AS TO WHAT ACTIONS YOU
SHOULD TAKE, WE RECOMMEND THAT YOU CONSULT WITH YOUR
LEGAL, FINANCIAL, TAX OR OTHER PROFESSIONAL ADVISOR(S). No
part of this Whitepaper is to be reproduced, distributed or disseminated
without including this section “Disclaimer of Liability”. The sole purpose of this
Whitepaper is to present Tokoin and TOKO tokens to potential token holders
in connection with the proposed ICO. The information is provided for
INFORMATION PURPOSES only. It may not be exhaustive and doesn’t imply
any elements of a contractual relationship or obligations. Despite the fact that
we make every effort to ensure the accuracy, up to date and relevance of any
material in this Whitepaper, this document and materials contained herein are
not professional advice and in no way constitutes the provision of professional
advice of any kind. Further, Tokoin reserves the right to modify or update this
Whitepaper and information contained herein, at any moment and without
notice. To the maximum extent permitted by any applicable laws, regulations
and rules, Tokoin doesn’t guarantee and doesn’t accept legal responsibility of
any nature, for any indirect, special, incidental, consequential or other losses
of any kind, in tort, contract or otherwise (including but not limited to loss of
revenue, income or profits, and loss of use or data), arising from or related to
the accuracy, reliability, relevance or completeness of any material contained
in this Whitepaper. Further, Tokoin does not make or purport to make, and
hereby disclaims, any representation, warranty or undertaking in any form
whatsoever to any entity, person, or authority, including any representation,
warranty or undertaking in relation to the truth, accuracy and completeness of
any of the information set out in this Whitepaper. You should contact relevant
independent professional advisors before relying or making any commitments
or transactions based on the material published in this Whitepaper. This
Whitepaper is not subject to any legal system and is not governed by any law.
No regulatory authority has examined or approved of any of the information
set out in this Whitepaper, and no such action has been or will be taken under
the laws, regulatory requirements or rules of any jurisdiction.

PAGE 2
Disclaimer

The publication, distribution or dissemination of this Whitepaper does not

imply that the applicable laws, regulatory requirements or rules have been
complied with. You don’t have the right and shouldn’t buy Toko tokens if you
are (i) a green card holder of the United States of America, or (ii) a citizen or a
resident (tax or otherwise) of the United States of America, Puerto Rico, the
Virgin Islands of United States, or any other possessions of the United States
of America, Singapore, People’s Republic of China or South Korea, or person
of that states, or (iii) a citizen or resident (tax or otherwise) of any country or
territory where transactions with digital tokens and/or digital currencies are
prohibited or in any other manner restricted by applicable laws. (“Person” is
generally defined as a natural person residing in the relevant state or any
entity organized or incorporated under the laws of the relevant state).
Purchased tokens cannot be offered or distributed as well as cannot be resold
or otherwise alienated by their holders to mentioned persons. It is your sole
responsibility to establish, by consulting (if necessary) your legal, tax,
accounting or other professional advisors, what requirements and limitations,
if any, apply to your particular jurisdiction, and ensure that you have observed
and complied with all restrictions, at your own expense and without liability to
Tokoin. TOKO tokens are not and will not be intended to constitute securities,
digital currency, commodity, or any other kind of financial instrument and have
not been registered under relevant securities regulations, including the
securities laws of any jurisdiction in which a potential token holder is a
resident. This Whitepaper is not a prospectus or a 4 proposal, and its purpose
is not to serve as a security offer or request for investments in the form of
securities in any jurisdiction. However, in spite of the above, legislation of
certain jurisdictions may, now or in future, recognize Toko tokens as securities.
Tokoin does not accept any liability for such recognition and\or any legal and
other consequences of such recognition for potential owners of TOKO tokens,
nor provide any opinions or advice regarding the acquisition, sale or other
operations with TOKO tokens, and the fact of the provision of this Whitepaper
doesn’t form the basis or should not be relied upon in matters related to the
conclusion of contracts or acceptance investment decisions. This Whitepaper
doesn’t oblige anyone to enter into any contract, to take legal obligations with
respect to the sale or purchase of TOKO tokens, and to accept any
cryptocurrency or another form of payment.

PAGE 3
Disclaimer
Potential owners of TOKO tokens are advised to contact relevant independent
professional advisors, on the above matters. Certain statements, estimates
and financial information contained herein constitute forward-looking
statements or information. Such forward-looking statements or information
involve known and unknown risks and uncertainties, which may cause actual
events or results to differ materially from the estimates or the results implied or
expressed in such forward-looking statements. Further, all examples of
calculation of income and profits used in this paper were provided only for
demonstration purposes or for demonstrating the industry's averages. For the
avoidance of doubt, nothing contained in this Whitepaper is or may be relied
upon as a guarantee, promise, representation or undertaking as to the future
performance of Tokoin and/or TOKO token, and/or promise or guarantee of
future profit resulting from the purchase of TOKO token. TOKO tokens cannot
be used for any purposes other than as provided in this Whitepaper, including
but not limited to, any investment, speculative or other financial purposes.
TOKO tokens confer no other rights in any form, including but not limited to
any ownership, distribution (including, but not limited to, profit), redemption,
liquidation, property (including all forms of intellectual property), or other
financial or legal rights, other than those specifically set forth below. While the
community's opinion and feedback can be taken into account, TOKO tokens
do not give any right to participate in decision-making or any direction of
business related to the Tokoin service. Section "Risk Factors" below, does not
include all risks that Tokoin project can face. While Tokoin team did its best to
identify main risks, you are advised to do your own risk assessment, before
making a decision on purchasing of TOKO tokens. English language of this
Whitepaper is the primary official source of information about the TOKO
tokens, any information contained herein may from time to time be translated
into other languages or used in the course of written or oral communications
with customers, contractors, partners etc. In the course of such translation or
communication, some of the information contained herein may be lost,
corrupted or misrepresented. In the event of any conflicts or inconsistencies
between such translations and communications and this English language of
Whitepaper, the provision of this English language of Whitepaper as original
document shall prevail. By continuing reading this Whitepaper, and/or by
making any further steps related to solicitation of information about Tokoin ICO
and\or purchase of TOKO tokens, you confirm that you have read,
understood, accepted, and agreed with, the above section "Disclaimer of
Liability".

PAGE 4
 Technology reduces time and space, that’s why businesses are always advancing their
process using technology to bring efficiency. Blockchain technology, developed as the
distributed ledger of transaction works as a platform to facilitate the distribution of information
between the participants by creating distributed database, the data information that is
distributed in the Blockchain is a valuable asset and Blockchain acts as a system that secures
the data.

Every business transaction consists of set of data contains the participant, buyers and sellers,
orders, payment method, discount amount, detailed payment invoices, and so on. In an online
marketplace, this set of data are stored centrally based on the marketplace platform. Adapting
the data in the blockchain based platform, all the data information are accurately recorded
using cryptography, and stored in blocks

The trading ecosystem are about to implement Tokoin as a highway of data distribution. By
recording transaction in Tokoin, all participants involved are secured in the ecosystem of
blockchain with tokens as signs of credibility scoring. Every participants get benefit according
to their own needs. Partners get relevant data, while user as the downstream participants will
benefit from access to business expansion and funding opportunities. In the transaction
stage, Tokoin provides permanent record of data information and transactions. The
accuracies are guaranteed for each transaction recorded are traceable and immutable.
Tokoin will operate as an infrastructure that stores data in a decentralised manner. After the
MSME as users input their profile and their transaction data properly, they can secure their
reputation profile. As informations, datas from users will be validated as valuable asset.
Partners as service providers stack tokens to acquire the data to determine the credibility of
their prospective clients.

We have made an important positive development to adapt more participants in our

ecosystem. With the proposed ideas and approach to utilise data distributions for credit
scoring and business growth, Tokoin aims to bring an elevation in the economic growth by
leveraging and sustaining MSME as the powerful driver of a country’s economy in the
emerging market.

PAGE 5
PAGE 6
 Industry Overview 1.1
Problems 1.2
Unavailability of Data 1.2.1
High Barriers to Funding 1.2.2
Scaling Up in Emerging Market 1.2.3
The Absence of Reputation 1.2.4

Challenges 1.3
Solution 1.4
Establishment of Business Profile 1.4.1
Provide Access to Funding 1.4.2
Scaling Up by Access to Expansion Opportunities 1.4.3

Mission 1.5

PAGE 7
 1.1. Industry Overview

Not only known as the developing countries economic driving force, MSME also becoming the
growth and innovation driving force for global economic expansion. They are accounted for for 90
percent of world’s registered businesses by making significant contributions to production, job
creation, exports, and bridging income gaps, particularly in developing economies. As they also has
unique characteristics and due to their small size, they are highly flexible and are better than
corporations at adapting to rapidly changing business environments.

United Nation (UN) has stated that there are no universally accepted definition for the Micro, Small
and Medium Enterprises. Each country has each of its own definition based on many characteristic
that differentiate them with other business segment. Indonesia classifies MSME based on the
MSME Act of 2008, which is based on their asset possession and annual revenue. Accordingly, an
enterprise is micro in size if its annual revenue is less than IDR300M (~C$28,000), small with an
annual revenue of between IDR300M and IDR2.5B (~C$234,000), and medium with an annual
revenue of more IDR2.5B2.

Excluding unregistered entities, MSMEs alone have contributed up to 40 percent of GDP in

emerging economies and up to 60 percent of total employment. Many country’s government has
also put the growth of MSME as a top priority to create the 600 million jobs needed by 2030 to meet
global demand. However, it is still a question of how would the existing MSME will sustain and
survive in today’s economy, as 40% of formal MSME in developing countries have unmet financing
needs to support business growth and operation3.

Indonesia is one of the country in Southeast Asia which has huge untapped MSME potential.
According to the statement from Ministry of Communication and Information technology, Indonesia
has 59.2 millions of currently operating MSME4. The number of MSME increasing each year has
raised its ‘ease of doing business’ indicator and boosts Indonesia’s position from 120th to 72nd
between 2015 and 2018, in World Bank rating. The number of Indonesian MSME that are operating
independently keep growing each year, persistently even when there are no access to credit finance
nor government support. Despite the increasing number, in 2015, only 27.4% of Indonesian firms
had a bank loan or a credit line and only 12.8% of business investment was financed by bank
loans5.

PAGE 8
 However, many external factors hinder MSMEs from living up to its potential. For instance, their
small-scale operations are vulnerable to deterioration in highly competitive business environment
where economies of scale from large production is a competitive advantage. Moreover, they are
also difficult to earn support from government institution which results in high cost of borrowing and
consequently, they have few resources to draw on during struggling times. To make matters more
difficult, MSME issues regarding collateral and alignment with international financial standards
complicate lending applications. As a result, established financial institutions have less experience
lending to the small business segment and often negatively perceive them as a complicated
investment than what they ought to be.

1.2. Problems

1.2.1. High Barriers to Funding

Since the financial crisis, banks have grown skeptical of lending to MSME. They follow a commonly
held stereotype that MSME do not have enough cash flow to make the loan payments. Overall,
financial inclusion is still low in emerging markets, as 70% of MSME still lack access to financing
opportunities. This is often because, as relatively new or small businesses, most MSME lack proper
legal documentation, collateral, and/or long-term credit history. Those in rural areas also lack
physical access to formal financial institutions. And even if that access existed, the cost of borrowing
would be beyond their ability to pay.

Figure 1.1 CREDIT PORTION MSME VS CORPORATION

PAGE 9
 Credit is the lifeline of MSMEs since it helps them cope with unexpected market conditions, delays
in payments by their forward supply chain, secure working capital for day-to-day operations, and
face other financial dynamics that ensures their business survival.

Ironically, despite of the huge number of MSME, the system of national licensing remains complex
for the MSME to get authorization, and more than half of the operating MSME are enduring in the
micro, informal sector. As micro enterprises, many of them have to go to individual funding when
starting the business. While in fact MSME are the dominant form of business entities, they started
business with quite small funding and operating with limited facility.

1.2.2. Difficulty in scaling up

Most MSME do not produce enough to take advantage of economies of scale. They also have low
order volumes which means they hold little leverage with suppliers and do not receive volume
discounts. This results in higher production and transaction costs compared to large enterprises and
unlike corporations who have whole departments dedicated to procurement and finance, MSMEs
have fewer resources to search for better suppliers or appropriate financing. International expansion
is also problematic. Large corporations can tap into rich global networks and leverage their low
production costs to offer a competitive product in any market they enter. MSMEs, on the other hand,
lack these valuable networks and often struggle to compete in new markets.

Figure 1.2 BUSINESS PERMIT OWNERSHIP

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 The government of Indonesia has taken significant measures to increase access to finance for
MSMEs, the most important of which has been the requirement for all banks to allocate 20% of their
business loans to SMEs. However, this still does not solve the credit gap. This chart shows the gap
of credit portion allocated by financial institutions. There is such a significant difference of the
numbers that corporation are able to receive in terms of business loans compared with the loan
portion for MSME. Access to finance is frequently identified as a critical barrier to growth for
MSMEs. Creating opportunities for MSMEs in emerging markets is a key way to advance economic
development and reduce poverty. The private and public sector can better address this matter if they
have better insights about the magnitude and nature of the finance gap.

This MSME environment has its own characteristic, with small number of employee, simple
procedure of traditional manufacturing, manual methods of transaction record, and operating in
domestic and retail sectors. Their business status are also unseen and unreputable due to the
unfulfilled registration requirements. Indonesia’s business license and permit system are fairly
complex and contributes to Indonesia’s low position (144th) in the specific World Bank Doing
Business indicator of “starting a business”6.

1.2.3. The Absence of Business Support

What these problems mean for MSMEs is that they feel trapped in a cycle of high costs, minimal
financial support, and stiff competition. At the root of this cycle is a lack of trust from institutions
which should have been able to support the MSME to sustain and grow. Suppliers do not trust them,
banks do not trust them, and, ultimately, customers do not trust them. What is missing is a way for
MSMEs to build a reputation that engenders trust and opens up access to a wide variety of services
that promote growth

Addressing all the problems above, we need a trustable platform that can give opportunity for the
MSME to establish a reputation profile that helps them build trust with banks, suppliers and financial
service providers. Therefore, the business growth of MSME can be accelerated and simultaneously
opening more of job opportunities.

PAGE 11
 1.3. Challenges

Data Establishment

Leveraging data has become an important part of modern business. Unfortunately, MSME are still
behind the curve when it comes to understanding the data they have and how it can help them
make decisions. In the case of some MSME, this comes as no surprise. Businesses like local
restaurants and hair salons are largely offline and/or lack systems to collect data. Even when data is
available, it is often siloed by the stakeholders in the industry. Nothing is shared, so there is no
tangible benefit to the industry. In other cases, the data is collected but not utilized due to a lack of
data science expertise. Big Data is dominated by large corporations with the resources to collect,
store, and process vast amounts of diverse data.

A recurring problem for new or existing MSME is that they lack the capital needed to boost
productivity. Because many MSME are dependent on labor-intensive operations (and not
capital-intensive), the limitations of labor-dependent production serve as an obstacle to their growth.
Without the capital needed for business expansion, economies of scale may seem unattainable for
small-scale businesses that are struggling to remain in the competitive market. This can and will
negatively affect Indonesian economy that are dependent on these MSME.

1.4. Solution

1.4.1. Credibility That Opens Access to Funding

Main barriers that most MSME face to survive in today’s economy is funding. Meanwhile, funding is
the power source for MSME to allow better productivity and answering the urge of business
expansion. Apparently there are several terms and conditions set by the banks which in most cases
are not able to be fulfilled by MSME. One of them is credibility. MSME with lack of business profiles
has been neglected in the emerging market. Startups are one of the business sectors that sprouts
recently in society. Most startups have been established recently, under 5 years.

For that short duration of time running, most of the startups and MSME do not have the perfect
credibility to fulfill the requirement to apply for a loan. In order to gain the credibility according to
bank regulations, MSME need to complete the credentials. The document verification referred
above are the business profile verification, standard process which requires MSME to comply the
details. Tokoin provides the path to generate data utilization in the form of digital asset thet secures
their credibility that complies to the standard of the bank requirement.

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 1.4.2. Scaling Up by Access to Expansion Opportunities

Through blockchain network, data information involving business transactions can be verified in the
ecosystem. TOKOIN utilizes data recorded in the blockchain network as a valid metric for business
reputation. In other words, this reputation will be built on the client’s buying behavior in trading
activities and this information will become important part of the client’s profile. With this mindset,
TOKOIN is able to transform accurate data record into valuable asset that MSME can use as
leverage to make up for their lacking lending requirements, such as credibility scoring. This will bring
MSME as users get access to the financial services leading in business growth.

1.4.3 Leveraging Business Profile as Reputation

Tokoin platform gives MSMEs the infrastructure to establish a reputation profile, by assembling the
non-financial data from MSME such as data submitted in the KYC protocol to develop into the
Digital Business ID. All the business data from daily operations which are previously scattered will
also be transformed into Digital Ledger to strengthen the digital profile with solid reputation.

Tokoin realize that this is the opportunity to form such a trusted and reputable profile for MSME that
helps them build trust with banks, suppliers, and other service providers. It is a solution that levels
the playing field so that MSME can get access to services that were previously unavailable. MSME
who, for example, struggle to secure loans will now have a solution that allows them to approach
banks with confidence. Service providers, in turn, will be given access to the reputation profiles of a
diverse network of trusted MSMEs. They will be able to check reputation data at the tap of a button
to help them make more timely and informed decisions. And with the revenue generated from these
data requests is directly shared to the MSMEs, it will be a win-win for both sides.

PAGE 13
 OUR MISSION is to facilitate a
trustworthy data exchange platform,
MSME will be able to meet their needs of
financing and business services without
the need for complicating intermediaries.
The more prosper MSME economy will
lead to the sustainability of country’s
economy.

PAGE 14
 Overview 2.1
Value Proposition 2.2
Build a Digital Identity for MSME that represents a valid reputation. 2.2.1
Accommodate MSME to utilize their data to create more funding opportunity. 2.2.2
Provide growth opportunities for MSME by bringing business partnership. 2.2.3

Characteristic of Tokoin 2.3

Digital Identity 2.3.1
Digital Ledger 2.3.2

Ecosystem 2.4
Participant Role 2.4.1
Participant Function 2.4.2

Business Flow 2.5

PAGE 15
 2.1. Overview

Tokoin is a platform that establishes identity and reputation of MSME as an acceptable reputation in
the business ecosystem. Tokoin presents as a better and modern business ecosystem that offers
valuable partnership to address inclusive growth. As a platform, Tokoin captures and processes
business information from the users as a valuable asset. In Tokoin ecosystem, this asset can build
trusted reputation for MSME as our user to access previously inaccessible financial business
services from providers as our partners. Therefore, Tokoin links the business and financial sectors to
form the scheme of financial inclusion. The partnership formed in Tokoin will subsequently contribute
to the economy growth.

2.2. Value Proposition

Tokoin: A trust solution

Tokoin aims to establish a trust solution that can leverage MSME from the problems they are facing
through this three ways.

2.2.1. Build a Digital Identity for MSME that represents a valid reputation.

Business profiles, activity, and business buying behavior are key elements for SME to generate
valuable asset in the Tokoin platform. Tokoin platform works by compiling the data, starting from the
KYC process, routine transactions, behavior records and creating the credibility record for Tokoin
users.

2.2.2. Accommodate MSME to utilize their data to create more funding opportunity.

Tokoin provides the suitable technology infrastructure that records and manage the data transaction
and leverage the data by putting value into the data.

2.2.3. Provide growth opportunities for MSME by bringing business partnership.

Tokoin partners with institutions to allow the user accessing the service needed. From the users’
side, Tokoin will allow them to build their reputation and credibility by keeping the record of their
behavior so they will be able to reach any financial institutions for the purpose of business
expansion. Meanwhile, the financial institution benefits from effective buyer acquisition process by
attributing to the business credit reputation of the Tokoin users.

PAGE 16
 2.3 Characteristics of Tokoin

2.3.1. Digital Identities (business profiles)

Answering the needs of the reputable and valid identity, Tokoin utilize the digital sector as a
facilitation and privileges. With their Digital Business ID, MSME are able to record and keep track
of of their business process in a digital ledger while simultaneously distribute the credit scoring that
they build to the other partners in the ecosystem of Tokoin. This is the decentralized character of
the blockchain, where there is no central point of authority that records the data. Applying the
blockchain technology in a business process, Tokoin aims to create an ecosystem which are
powered by the data distribution and concurrently benefitting the participants.

Brand or Service provider

Can access user profile

Brand or Service provider

Able to see Business Reputation

Brand or Service provider

Able to see Real-Time business transaction

Brand or Service provider

Able to see affiliate network

PAGE 17
 2.3.2. Digital ledger (data)

All of the transaction data from the business operation of MSME as our user are going to be kept
digitally and simultaneously in a computerized record called a digital ledger. Informations starting
from the KYC to identify the initial business profile to more detailed information such as cash flow,
sales and earnings, and routine business purchase are recorded as the valuable asset. This asset
are also will be compiled and processed and will be given value according to the depth of the
information contained. The value embedded to the data can be the indicator of credit scoring that
builds the reputation related to the business profile. With the underlying technology of our platform,
the data in the digital ledger are possible to be distributed within our ecosystem to generate the
interrelationship among all participants.

2.4. Ecosystem

These three circles consist with TOKOIN

partners classification, chart showing the
interaction for each participant inside
tokoin platform

Financial intermediaries:
● Banks
● Multifinance
Supplier:
● Brands
● Companies
● Logistics partners
Service Provider:
● Consulting
● Property Agent
● Advertisers

Tokoin ecosystem consists of an order of arrangement to convey the experience of distributing

values from one participants to another. Each participant holds a determining role in order to keep
the ecosystem fruitful to every business involved. The interaction between Tokoin user and partners
is enabled by the blockchain technology to ensure every participant with security to every
transaction and a more trustworthy relationship, resulting to valuable partnership between every
partakers. In the business activity of Tokoin. MSME as the data provider, submit their transaction
data activity through Tokoin dApp. Tokoin process and validate the data into valuable asset.
Partners can acquire the data by staking Toko tokens.

PAGE 18
 2.4.1. Participant Role

2.4.1.1. MSME

Micro Small and Medium Enterprises are the core of Tokoin ecosystem. To start using the Tokoin
platform, MSME will generate their business account as the Digital Business Identity. As Tokoin
user, their activity in Tokoin platform are mainly recording their business activity through Tokoin app
that they can access in their mobile phone. This business record are processed in a Digital Ledger
and compiled in their Digital Business ID.

The data transaction that they record are the fuel to run the ecosystem. For every data that they
record, they earn TOKO token as direct incentive. They amount of the TOKO Token collected
determines their credit scoring. Once a Digital Business ID reach certain amount of credit score,
they are able to access business facilities that are provided by Tokoin partners.

2.4.1.2. Financial Intermediaries

In Tokoin, banks can accord their credit allocation for MSME. As loan providers, bank are most
likely to serve clients who has good reputation. Tokoin works by providing the reputation
establishment by capturing the MSME transaction to build the credit scoring. In Tokoin ecosystem,
banks are the Tokoin partners that accommodate the ecosystem with their business facilities for
MSME. Financial intermediaries can sort their potential clients from Tokoin user by accessing the
data containing KYC materials and transaction history through Tokoin platform.

2.4.1.3. Suppliers

Tokoin will present as data custodian partner in online and offline transactions to generate the data
transaction ledger. Suppliers can also access the data containing KYC materials and transaction
history through Tokoin platform to get insight about the characteristic and behaviour of the MSME
as business buyers. Accordingly, suppliers and brand companies can market their product to the
targeted business buyers.

2.4.1.4. Service Provider

To help MSME, Tokoin is also supported by the partners who provide financial and business
services such as business loans and credit, insurance services, logistic, shipping and
warehousing. As Tokoin user, MSME may be able to choose the business services based on their
preferences and also their development plan. For the service provider, this means that they are
able to closely tap the MSME by accessing their data, and earning the overview about their
potential clients.

PAGE 19
 Indirect Participants

As the platform ecosystem expands, this will engage more participants to collaborate to the
platform usage and make use of the data accumulated in the platform.. Indirect participants are
any potential institutions that wish to access the data generated in the Tokoin platform. Research
companies, government institutions can access the data through Tokoin platform also by staking
amounts of TOKO Token, but without providing services for MSME. Advertisers can place their
targeted advertisements and promotions for the platform user also by exchanging amounts of
TOKO Token. The indirect participants do not contribute directly for the MSME, but the TOKO
Token that they exchanged for the data will be reserved for user incentives.

Data Miners

Data miners act as the data verifier that responsible for verifying raw data input by MSME. Tokoin
will act as data verifier in the ecosystem.

2.4.2. Participant Function

Data Supplier

MSME acts as the data provider in this ecosystem. Their role is to submit and record their
transaction data activity. The Data Supplier can provide data from online transaction which is
through the Tokoin app, or provide offline transaction data through Tokoin POS.

Data User

This refers to any institutional participant that wish to obtain the transaction information stored in
the Tokoin ecosystem for their business purposes. As industry players data user can embrace
wide range of use and benefit from the data obtained, such as; client appraisal to scout potential
clients, market prediction and product dispersion possibilities, market characteristics and many
other tailored usage based on their criteria. The industry players, commercial banks and
insurance companies, brand companies, investment companies and property developers are the
direct participants that contributes to the ecosystem by staking the TOKO token to access the
data from MSME.

PAGE 20
2.5 How to get Digital Identity

● How it works on online

transaction
● MSME create business account
on Tokoin app.
● Tokoin perform KYC procedure
to validate MSME profile details.
● Once the KYC is succeed,
MSME get the Digital Business
Identity legit from Tokoin.
● MSME can use their profile with
Digital Business ID to log in and
make transaction on Tokoin’s
marketplace partner.
● By doing transaction with the
Digital Business iD, MSME will
automatically maintain their
Digital Ledger and create
transaction records.

Step 1 Registration (Basic Information)

● MSME fill basic personal information name, id card number, driving license, place of birth, and
date of birth.
● Information of business location.
● To complete 1st step of registration, MSME need to upload picture of read document, like Id
card and driving license.
● Proceed to the next step, after file successfully uploaded.

Step 2 Registration (Basic Business Information)

● MSME filling name of company

● They need to select type of industry based on Tokoin Classification, if they couldn’t find one,
thay can add by choosing “others”
● MSME add business scale, based on business GMV.
● MSME add business address to explain information of business coverage
● Information of phone number and email will be the last information before to proceed last step
of business KYC.

Step 3 Registration (Business Information)

● MSME creates business account on Tokoin app.

● Tokoin performs KYC procedure to validate MSME profile details.
● Once the KYC process successful, MSME will get a legitimate Digital Business Identity from
Tokoin.
● MSME can use their Digital Business ID to log in and engage in a transaction on Tokoin’s
marketplace partner.

PAGE 21
How To Build Business Credibility (Offline)

● MSME visit Tokoin kiosk

business to register manually .
● Tokoin perform KYC procedure
to validate MSME profile details.
● Once the KYC is succeed,
MSME get the Digital Business
Identity legit from Tokoin.
● MSME can use their profile with
Digital Business ID to log in and
make transaction with others
Tokoin user by using pos or qr
scan.
● By doing transaction with the
Digital Business iD, MSME will
automatically maintain their
Digital Ledger and create
transaction records.

How To Build Business Credibility (Online)

● How it works on online
transaction
● MSME create business
account on Tokoin app.
● Tokoin perform KYC procedure
to validate MSME profile
details.
● Once the KYC is succeed,
MSME get the Digital Business
Identity legit from Tokoin.
● MSME can use their profile
with Digital Business ID to log
in and make transaction on
Tokoin’s marketplace partner.
● By doing transaction with the
Digital Business iD, MSME will
automatically maintain their
Digital Ledger and create
transaction records.

23
2.6 How to get Data

2.6.1 Online

BUSINESS RELATION

To engage MSME and sellers, Tokoin covers the entire transaction of MSME in online sourcing from the
point of product order to payment. As shown in the chart below, various event generates data collection
at each stage. By planted in the marketplace environment, Tokoin captures the activity done in the
marketplace. The transaction that happen in the marketplace between the online seller and MSME are
recorded in order to collect the data. The marketplace as partner of Tokoin, will update the
corresponding data upon each event occurrence.

Stage Data Collected Data Providers Frequency

KYC 1. Company name MSME Once

2. Business sector
3. Store location
4. Number of employee

Transaction 1. Product type & amount MSME, Periodical

2. Product sourcing & amount Marketplace
3. Preferred shipment
4. Payment details
5. Delivery details

Operation 1. Consumer type MSME Periodical

2. Product type & amount
3. Price of selling
4. Shipment

PAGE 22
2.6.2 Offline

BUSINESS RELATION

To engage offline distributor in Tokoin ecosystem, Tokoin covers the entire transaction of MSME in
offline sourcing from the point of product order to payment completion with the POS device and
mobile app. As shown in the chart below, various event generates data collection at each stage. Both
participant will record their activity on their tools. MSME will submit their data in the mobile app.
Offline distributor will submit the transaction activity on the POS device.

Stage Data Collected Data Providers Frequency

KYC 1. Company name MSME Once

2. Business sector
3. Business type
4. Store location
5. Number of employee

Transaction 1. Product type & amount MSME, Periodical

2. Product sourcing Distributors
3. Payment details

Operation 1. Consumer type MSME Periodical

2. Product type
3. Price of selling
4. Shipment

25
PAGE 23
 TOKO Token 3.1
TOKO Incentive Pool 3.2

PAGE 24
 3.1 TOKO Token

Tokoin platform issues TOKO on the blockchain as a means of interacting from each participant.
TOKO is used for incentive when the ecosystem participant submits their transaction data and
validates those data. Also, it is used for using certain services in TOKO platform, including business
insights service provided by TOKOIN. For service providers, TOKO is used for accessing
advertisement and transaction data of MSMEs. As there are more participants using TOKOIN
service, the participants will have to stake and/or use the token to use TOKOIN platform, which
concludes increase in the TOKO price.

TOKO is generated by ERC-20 token and it will be able to convert onto certain main net protocol, if
the team decides that it is necessary. By this way, TOKO will be converted into the new token based
on the new protocol.

As Utility Token, the usage of TOKO Token is supposed to be within the ecosystem. MSME use
TOKO Token to build credit scoring that can be used later to access business services. Partners
such as financial institutions use TOKO Token as an admission to access MSME data and
information.

27
PAGE 25
 FINANCIAL
INTERMEDIARIES

Pay TOKO

Receive
Data Loan issue

TOKO
subscription

Targeted AD
Transaction
Service
Data

Pay TOKO
Receive TOKO
Pay TOKO
Receive TOKO SERVICE
BUYER
PROVIDER
Receive Provide Services
Pay TOKO

Services
Receive
Targeted AD TOKO Group
Service buying

SELLER

1. Tokoin Platform
Tokoin is an autonomous system that manages data distributions and provides rewards for data
contribution within the Tokoin ecosystem. Tokoin is also an incentive tool that determines the value
regarding to the activity.
2. Buyer
MSME as product buyer contributes as data provider by submitting transaction information into
the Tokoin platform. Data that they provide are KYC information, transaction details and business
operation details.
3. Financial intermediaries
As one of the main actors in Tokoin platform, financial intermediaries will be able to capture
reputable MSME digital identity, to perfectly tap the real market by selecting MSME personal rating
and type of services MSME looking from financial intermediaries, such as number of loan.
4. Seller
Are recognized product seller and distributor that market their product for MSME. By paying
TOKO Token, seller obtain targeted advertising in Tokoin platform.
5. Service Provider
Providing business facilities for MSME, service providers can also place their advertisement and
offering in the Tokoin platform specifically targeting the MSME that meets their criteria.

PAGE 26
3.2 TOKO Incentive Pool

The participants who contribute their activities in TOKOIN platform will receive TOKO as an incentive.
These incentive will be rewarded from TOKOIN incentive pool, and the incentive pool will be gathered
from additional token issuance, platform usage fee, and reserve pool.

INFLATION

PLATFORM
FEE
INCENTIVE PARTICIPANTS
POOL

RESERVE
POOL

In order to reward incentive for platform participants, Tokoin can issue additional token, which will be
only used in rewarding incentives. This means the participants who helped growth of platform will
receive the reward. The inflation rate will be less than the average inflation of world so that we can
prevent token depreciation.

Also, certain percentage of platform fee will be accumulated to incentive pool. Therefore, any revenue
occurred by the participants will be partially shared to the participants as well. This will also reduce
the additional token issue.

Lastly, tokens from reserve pool will be used to reward the participants. It will be gradually decreased
as the incentive pool will be supplied by platform fee and inflations.

Inflation rate will follow the below formula for supplying incentive pool.

PAGE 27
3.2 Token Use Case

3.2.1 Usecase Lending activity

3.2.2 Usecase Logistic services

Logistic
● Logistic Services
create account on
Tokoin dApp
● Use tokens to get
access to the data
desired
MSME
● MSME create account
on Tokoin
● Complete the KYC
process
● MSME request logistic
service
● MSME choose the
most preferable
logistic

PAGE 27
3.2.2 Usecase Property Developer services

Property Developer
● Property
Developer create
account on Tokoin
dApp.
● Use tokens to get
access to the
desired data
MSME
● MSME create
account on Tokoin
● Complete the KYC
process
● MSME request
property
developer service
● MSME choose the
most preferable
property
developer fee

3.2.2 Usecase Group buying

Group Buying
● Company create
account on Tokoin
dApp
● Use tokens to get
the desired data
MSME
● MSME create
account on Tokoin
● Complete the KYC
process
● MSME request
company service
● MSME choose the
most preferable
company pricing

31
 Technology Aspect 4.1
Feature 4.2
Lending Marketplace 4.2.1
Crowdlending 4.2.2
Cross-merchant Loyalty Program 4.2.3
Product Survey / Voting 4.2.4
Invoice-based Financing 4.2.5
Installment Buying 4.2.6
Group Buying 4.2.7

Product 4.3
POS 4.3.1
dApp 4.3.2

PAGE 28
 4.1 Technology Aspect

TOKOIN uses a permissioned blockchain for sharing private data on a distributed network. The
requirement is for data to replicate across multiple independent nodes in a controlled way. The data
must be immutable, encrypted, and available to users to query and access the data.

Most blockchains are designed purely for value transfer and are not usually well suited for data
storage. They have limited transaction throughput, limited data capacity, and lack interfaces for
querying the ledger content. A few solutions adopt hashes (IPFS) and pointers (Multi-Chain) with
data stored in flat files or isolated databases.

TOKOIN requires larger quantity of data to be cryptographically secured while being replicated to
distributed network participants.

TOKOIN adopts blockchain in a novel way. It embodies design principles of a replicated database
model for storing credit data in a high-throughput data store. TOKOIN uses DynamoDB for its
storage layer in a NoSQL database. This allows for flexible JSON data models for hierarchy and
classification. Importantly, this database implementation allows querying across large datasets.

PAGE 29
 Since TOKOIN will operate in an environment without centralized control, a consensus mechanism
to coordinate data replication between nodes with low latency is required. We use Tendermint for
the underlying consensus mechanism to ensure Byzantine Fault Tolerance (BFT) across the
TOKOIN network. By design, Tendermint runs validators on each node for the consensus of
broadcast transactions. As this middleware focuses only on consensus, it can handle transaction
rates of up to thousands of transactions per second.

In order for Tendermint to interact with the data store, we adopt the ABCI interface to interconnect
between the consensus network and the database engine. ABCI is a messaging protocol
coordinating the requests (business logic) received from the TOKOIN network and applying them to
the database (e.g. add record, append record).

TOKOIN must guarantee that records are immutable and non-fungible. To attach all submitted data
to an owner, we leverage BigchainDB for its interfaces to the data layer and strict conditions on the
ownership of the data. It enforces rules to ensure that data is cryptographically signed prior to
inserting into the database. This also prevents malicious interference with one node and does not
affect the rest of the network.

• Inter Planetary File System (IPFS) IPFS is a distributed file system protocol to connect all
computing devices with the same system of files. It can access, manage and store files, as well as
track versions over time. IPFS also accounts for how those files move across the network.

• DynamoDB Amazon DynamoDB is a fully managed NoSQL database service that provides fast
and predictable performance with seamless scalability. DynamoDB allows offload of the
administrative burdens of operating and scaling a distributed database, so that you don’t have to
worry about hardware provisioning, setup and configuration, replication, software patching, or
cluster scaling. Also, DynamoDB offers encryption at rest, which eliminates the operational burden
and complexity involved in protecting sensitive data.

PAGE 30
 4.2 Features
4.2.1 Lending Marketplace
Tokoin can become matchmaker between MSME that need funds and Banks to give Lending
Solution.
4.2.2 Crowdlending (Debt Crowdfunding)
Crowdlending works almost the same with Lending Marketplace Solution with the difference that the
source of fund will come from multiple Investors.
4.2.3 Cross-merchant Loyalty Program
A MSME company (as a merchant) can give rewards to other company (as customer) within Tokoin
ecosystem in the form of movable digital asset called TOKO points. TOKO points can be used to
redeem discount vouchers not only to the issuing Merchant but also to other Merchant in
ecosystem.
4.2.4 Product Survey / Voting
Brands as Tokoin Partners can conduct product surveys by broadcasting product questionnaire into
Tokoin ecosystem. Blockchain will ensure the authenticity of each participant to avoid the same
participant filling more than once (double voting) by applying a Unique Private Key for each
participant.
4.2.5 Invoice-based Financing
This solution will help MSMEs from experiencing late payments from customers and smoothen their
business cash flow. MSME can use unpaid invoices as collateral to get funds. This feature will
involve at least three parties: Invoice Issuer (MSMEs that need funds), Invoice Payer (Buyer) and
Bank/Creditor.
4.2.6 Installment Buying
This solution facilitates MSMEs who need to buy products / services, but have limited funds at that
time. Based on a history of trading activities (also recorded on the blockchain) as a basis for
evaluating the reputation of MSME, Merchants in the ecosystem can provide installments that are
more flexible than a one-time payment in advance.
4.2.7 Group Buying
Also known as collective buying, this solution offers products and services at significantly reduced
prices by applying quantity discount, on the condition that a minimum number of buyers would make
the purchase. This only applies to buyers and sellers who have joined the Tokoin ecosystem.

PAGE 31
 4.3 Products

4.3.1 POS

The Point of Sale (POS) or point of purchase (POP) is where a retail transaction is completed.
Through POS, merchant input and clarifies the MSMEs purchase transaction as the system record it
as Digital Ledger. Tokoin POS system is a device released by Tokoin platform. It functions to keep
track of transactions done by a Digital Business ID. The specific usage of Tokoin POS is to capture
offline purchasing. Tokoin will provide this device for offline seller partner such as distributor and
wholesaler. Data such as product type and amount, price, buying intensity, payment details and
other supporting information will be recorded through this POS into the Digital Ledger which belongs
to the Digital Business ID.

4.3.2 dApp

The activity on our platform ecosystem is generated in a blockchain based digital system. Through
the decentralized computer application, data capture in Tokoin are stored in a distributed ledger.
Every data stored on Tokoin platform through the dApp are secured using the blockchain
characteristic, secure, trusted, and immutable.

When a user submits their data, it will stored decentrally, meaning is that there are no single point of
authority on the data ownership, therefore each set of data belongs to each providers. This
characteristic of platform allows MSME as data provider to gain profit as the form of “data
monetization”. Tokoin app also allows MSME build their credibility through transaction record.

PAGE 32
 Roadmap 5.1
Token Distribution 5.2
Team 5.3

PAGE 31
PAGE 33
5.1 Roadmap
Q4 2018
● TOKOIN Token on Private Sale and Pre-Sale
● TOKOIN Wallet development & distribution

Q1 2019
● Grand Launching TOKOIN
● TOKOIN Token on crowd sale
Q2 2019
● Onboard Blockchain Advisor for TOKOIN ecosystem
● POC Launch on TestNet
Q3 2019
● Onboard Warehousing partners to TOKOIN ecosystem
● Onboard Financial Partners to TOKOIN ecosystem
● Expand local operations to 10 tier-1 cities in Indonesia
Q4 2019
● Launch Data Reputation engine
● Launch Data Visualization platform
● Launch Partner Suite platform
● Onboard 50,000 users on TOKOIN ecosystem
Q1 2020
● Launch dApps on MainNet
● Launch TOKOIN POS System
● Launch Data Exchange platform for token stacking and loyalty program
● Expand local operations to all capital cities in Indonesia
● Onboard 10,000 users on TOKOIN POS system

Q2 2020
● Launch TOKOIN POS System
● Expand pilot hyper-local operations to Thailand
● Onboard 1000 users to TOKOIN ecosystem on regional hyper-local market
● Develop AI Solutions for TOKOIN to scale Operations

Q3 2020
● Expand hyper-local operations to Vietnam and Philippines
● Onboard 500,000 users to TOKOIN Ecosystem on Indonesia market
● Expand local operations to 10 top tier-one cities in Indonesia
● Onboard 50,000 users on TOKOIN ecosystem

Q4 2020
● Deploying AI as part of Business Intelligence Capabilities
● Introducing Forecast & Prediction platform into TOKOIN ecosystem

Q1 2021
● Integrating AI solutions for Financing and Logistics partner

Q2 2021
● Expand hyper-local operations to other potential emerging markets
● Onboard 10,000 users on hyper-local TOKOIN ecosystem

PAGE 34
5.2 TOKEN DISTRIBUTION

Product
Development

5.2.1 Token Allocation

For Private Sale, Presale and Public Sale contributors. Private and Presale
ICO Contribution contributors will be awarded bonus tokens for their early support, however will
be subject to vesting periods between 6 and 9 months 20

Required to drive platform adoption and ongoing platform use and

engagement over time through incentives for key partners, producers,
resellers, distributors, data buyers, data sellers and contributors (e.g. via
Industry Fund bounties and airdrops). These tokens may also be used to drive broader
industry initiatives and alliances. Tokens are subject to a maximum release of
[25%] in a single quarter (e.g. for large initiatives, promotions or campaigns)

Used to support the business on an ongoing basis such as treasury, liquidity

management, operations, and admin. Up to 20% of the tokens will be released
Treasury initially to fund liquidity management. The remaining tokens will be locked for
24 months with a maximum release of 20% in a single month.

Distributed to the TOKOIN team. Tokens will be locked for 24 months and
Team prorated over 12 months in equal disbursements.

Advisor Distributed to advisors that are critical to the success of the project

PAGE 35
5.2.2 Allocation of Funds

For Private Sale, Presale and Public Sale contributors. Private and Presale
ICO Contributors contributors will be awarded bonus tokens for their early support, however will be
subject to vesting periods between 6 and 9 months 20

Required to drive platform adoption and ongoing platform use and engagement
over time through incentives for key partners, producers, resellers, distributors, data
buyers, data sellers and contributors (e.g. via bounties and airdrops). These tokens
Industry Funds may also be used to drive broader industry initiatives and alliances. Tokens are
subject to a maximum release of [25%] in a single quarter (e.g. for large initiatives,
promotions or campaigns)

Operations and Used for ongoing operational expenses such as salaries, rent, and advisors (e.g.
Administration legal and finance)

Budgeted for unexpected and/or prolonged downturns in the market to ensure

Reserve
TOKOIN can

PAGE 36
 5.3 Team
Team & Advisor

REINER RAHARDJA WELLY SALIM

linkedin.com/in/lordreiner linkedin.com/in/wellysalim/

CEO, CO-Founder CTO

● Indonesia’s Top 2 ● Experienced Tech Leader
successful young with 15+ years of
entrepreneurs under 40 experience
● Accelerating Indonesia’s ● Ex VP of Engineering and
Operation of Booster.com,
economy in various MSME
acquired by CustomInk
development using his
● Ex Iteration Manager of
non-profit organization, MYOB
The Accelerator ● Ex Tech lead of Mig33.com,
● Has diversified portfolio in helping to get them public
some of Indonesia’s major listed in ASX
industries. ● Founder of early social
● His holding group consist network in SE Asia
of multi industries portfolio, (Emeimei.com, friendx.com,
ekawan.com) , acquired by
eg: Andesite Mining,
NX, listed in MYX
General Trading, Fishery
● University of Strathclyde
and Maritime, Corporate (MBA in Strategic
merchandising, Retail Management)
Product, Agribusiness

Andri Handoko
linkedin.com/in/andrikh/

Product R&D Specialist

● Co-Founder of BlockSphere - Blockchain
Venture Studio
● 18 years experience in Enterprise
Application Solution & Fintech

PAGE 37
 Mutia Rachmi
linkedin.com/in/mutia-rachm
i onsus-niko-tanadi-4a4617103/
Project Manager
● Founder of Be-Two
Company
● Ex-Business Development
of NEM.io Foundation
Eddy Christian Ng
linkedin.com/in/eddy-christi
an-ng-74593520/
Business Development
● Co Founder of livaza.com
● Blockchain enthusiast
Maria Natasha
linkedin.com/in/maria-natas
ha
Content Writer
● Experienced in content
research and strategies
● Co-founder and author of
Art & Culture Journal,
teaterkinasih.org
PAGE 38
Niko Tanadi
https://www.linkedin.com/in/alf
Project Coordinator
● 10 years of experience in
technology consulting
● Blockchain investment
expert
Oktafia Putri
linkedin.com/in/oktafiaputri
Offline Community Manager
● Chairman of RUSSEAN
● Ex-Operation Manager
PouchNation
Hendratanu Wijaya
linkedin.com/in/hendratanu-wija
ya/
Content Coordinator
● 5 years of experience in
online media industry
● Experienced in content
research and strategies
Ignasius Michael
linkedin.com/in/ignasius-mi
chael-minarto-70716310a/
Finance Manager
● 2 years Experience in
Stock and Futures Market
● Financial Planner
certification of IARFC
42
 DAHLAN ISKAN
linkedin.com/in/dahlaniskan Haemin Park
linkedin.com/in/hae-min-park-920
Advisor 27049/
● One of Indonesia’s top 100
Forbes’ list entrepreneurs Advisor
● Indonesia’s media mogul,
● Founder of Cross Angle and
Founder and Former CEO of
Jawa Pos Group Spotlight Project
● Former Minister of the ● Co-founder, Sentinel Protocol
country’s State-owned
enterprises (BUMN)
● Former Minister of the
country’s State-owned
enterprises (BUMN)

TIAGO ALVES Richard Yoon

linkedin.com/in/tiagoalves linkedin.com/in/richard-yun-15a8
Advisor 2864/
● VP Asia Pacific at
Advisor
Aptoide
● Senior Financial Analyst, Cisco
● 12 years at Portugal
Telecom Systems, Inc.
● CFO, Exio Communications, Inc.

Suyong Park Michael Park Gunhee Lee

linkedin.com/in/suyongpark/ linkedin.com/in/michaelpark86/ linkedin.com/in/gunheelee/

Project Consultant Project Consultant Project Consultant

● Senior Consultant, ● Head of Marketing, ● Head of Acceleration,
Block Crafters Co., Ltd. Block Crafters Co., Ltd. Block Crafters Co., Ltd.
 Block Crafters Capital
D’STREET
Refereum
PasarPolis.com
Sahabat UMKM

PAGE 40
 Block Crafters Capital is a professional group of experts in the field of blockchain, startups and
finance. This group is our bridge to reach largest possibilities and opportunities in the
cryptocurrencies world. Based on their experience, Tokoin can project the bigger adoption in the
larger market. The strategies that we build with Block Crafters Capital are the technology,
investment, blockchain market and adoption, infrastructure utilisation and business partnership.
Partnering with Block Crafters Capital also accelerates our practice in the aspect of the ideation of
our market adaptation.

We are also partnering with dstreet.io, Korean blockchain media platform to support our
international coverage. As a joint-venture of three industry leaders in South Korea, MK Media
Goup, DAYLI Financial Group and Block Crafters, D.Street provides Tokoin with media contents
and strategies with wide coverage to news reader, blockchain influencer, and marketing
channels to increase awareness and feedback from public and blockchain enthusiasts.

Known as the blockchain based platform that aims to reward influencers (such as streamers,
youtubers) who help advertise video games. Now Refereum is also assisting Tokoin with growth
engine, to grow our community by incentivizing participant’s engagement, During our campaign,
Refereum’s widget is available on the homepage of tokoin.io

PAGE 41
 PT PasarPolis Indonesia is the first insurance marketplace in Indonesia. As the partner of Tokoin,
Pasar Polis aspire to provide MSME with business insurance that is affordable yet helpful to cover
the business operation. With Pasar Polis in Tokoin platform, MSME will be assisted with relevant
property insurance protection for their business property asset.

To optimize the strength of the ecosystem, Tokoin provides MSME with the power of fellowship
approach from one another. Obtaining beneficial access to networking which lead to fruitful
partnership, Sahabat UMKM is the association community of Indonesian MSME to facilitate
MSME to work together to boost their confidence in the bigger business ecosystem.
With Sahabat UMKM in Tokoin, Indonesian MSME actors are able to explore their capability and
opportunity to cultivate their business potency through blockchain technology.

PAGE 42
Reference

1) http://www.un.org/en/events/smallbusinessday/

2) https://apfcanada-msme.ca/sites/default/files/2018-10/2018%20Survey%20of%20Entrepreneur

s%20and%20MSMEs%20in%20Indonesia_0.pdf

3) https://www.worldbank.org/en/topic/smefinance

4) https://www.kominfo.go.id/content/detail/11526/kemenkop-ukm-379-juta-umkm-sudah-go-onlin

e/0/sorotan_media

5) http://www.oecd.org/cfe/SME%20Indonesia_English.pdf

6) Ibid

Figure 1.1

https://www.kompasiana.com/exo_sura/58b567e5917e612c13f2b196/jurang-pemisah-pengembang

an-umkm-dan-akses-permodalan-ke-bank#&gid=1&pid=1

Figure 1.2

https://www.researchgate.net/publication/304782183_The_Profile_of_Micro_Small_and_Medium_Ent

erprises_in_Indonesia_and_the_Strategy_to_Enhance_Islamic_Financial_Services_through_Baitul_Maa

l_wa_Tamwiel

PAGE 43