RWA's new growth area: Southeast Asian consumer finance is becoming a focal point for global capital
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RWA's new growth area: Southeast Asian consumer finance is becoming a focal point for global capital
With the launch of TabiPay, Tabi is bringing Southeast Asia's consumer finance assets on-chain, entering from everyday payment scenarios to build a complete RWA ecosystem闭环.
Navigating Web3 tides with focused insightsIn September 2025, blockchain financial infrastructure platform Figure Technology successfully listed on Nasdaq, achieving a market capitalization of over $6.6 billion on its first day and earning the title of the world's first RWA (real-world asset) stock. This milestone not only marks a significant achievement for the company itself but also signifies that the RWA narrative has officially entered mainstream capital markets.
Founded by Mike Cagney, co-founder of SoFi, Figure’s core business is home equity lines of credit (HELOC). Using its proprietary Provenance blockchain, it reduced loan approval cycles from 42 days to just 5 days and registered loan assets on-chain for securitization. Figure’s advantage lies in its naturally securitizable real cash-flow-generating assets—home loans—combined with a scalable technology platform connecting banks and capital markets, along with regulatory breakthroughs enabling the issuance of interest-bearing stablecoins and on-chain AAA-rated bonds.
Ultimately, Figure became the dominant leader in private credit tokenization for RWA in the United States, capturing nearly 50% market share.
Figure’s IPO demonstrates that blockchain-based financial companies can not only gain acceptance from the SEC but also win recognition from traditional capital markets. The key question is: can this model be replicated across different regions?
If Figure digitized U.S. real estate credit assets onto the blockchain, then in Southeast Asia, the closest equivalent is consumer finance—concepts like BNPL (buy now, pay later), installment payments via e-wallets, and microloans are rapidly gaining popularity among young locals. At the same time, regional financial infrastructure remains underdeveloped, with low banking credit coverage and vast untapped potential in consumer lending. Each installment payment or credit bill represents a natural, structurable cash-flow-generating asset.
In other words, consumer finance in Southeast Asia is akin to mortgage loans in the U.S.—the ideal entry point for RWA. Tabi’s positioning is precisely to bring Southeast Asian consumer finance assets on-chain, starting from real transaction scenarios and ultimately building a closed-loop system similar to Figure—but more flexible and accessible to a broader audience.
Tabi’s strategic vision is clear and resolute: it aims not only to efficiently bring consumer finance assets from Southeast Asia onto the blockchain but also to build an end-to-end infrastructure spanning asset origination, tokenization, distribution, and trading—enabling consumer finance to meet real local needs while simultaneously becoming globally investable.
Tabi’s goals can be summarized in three layers:
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Serving local markets—by integrating the real financial needs of hundreds of millions of consumers across Southeast Asia through microfinance use cases with on-chain asset mechanisms, providing the market with more inclusive and efficient financing tools.
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Connecting global capital—leveraging blockchain and RWA models to bundle fragmented off-chain assets into investable products, opening up access to global investors and unlocking growth dividends from Southeast Asian markets.
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Building new financial infrastructure—not merely operating as a standalone consumer finance company, but evolving into an open, compliant, and transparent asset platform—the Southeast Asian equivalent of a “Provenance blockchain”—where diverse asset types can be tokenized and circulated within a unified framework.
In short, Tabi’s mission extends beyond solving financing challenges in consumer finance; it seeks to become an RWA hub linking emerging markets with global capital, driving transformative financial upgrades across Southeast Asia over the next decade.
Within this trajectory, TabiPay will serve as the critical gateway for Tabi to realize its vision. As a PayFi product primarily targeting Southeast Asian markets, TabiPay delivers essential functionalities found in traditional consumer finance while transforming everyday bills and repayment records into real, on-chain cash-flow-generating assets.
Through TabiPay, Tabi can:
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Directly reach users—delivering convenient financial services in shopping, utility payments, digital subscriptions, and other daily life scenarios;
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Generate high-frequency assets—each transaction and repayment becomes structured, verifiable cash flow, ensuring authenticity and transparency at the source;
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Enable on-chain circulation—tokenizing these consumer finance assets and listing them on Tabi’s asset platform to issue compliant RWA products to global investors.
In essence, TabiPay serves both as a consumer-facing financial tool and as an asset gateway for businesses and capital markets. It transforms Tabi from a mere consumer finance provider into a financial infrastructure platform capable of driving asset tokenization through real-world use cases and attracting global capital through on-chain assets.
With the launch of TabiPay, Tabi is bringing Southeast Asia’s consumer finance assets on-chain, starting from everyday payment scenarios to form a complete RWA ecosystem loop. This not only means Tabi will deliver more efficient and transparent financial services to local consumers and merchants, but also enables global capital to safely and compliantly participate in this rapidly growing market.
If Figure’s successful IPO proved that blockchain technology can reshape the U.S. housing credit market, then Tabi is replicating and expanding this model in Southeast Asia, emerging as a pioneer in regional consumer finance RWA. In the future, Tabi’s vision is to build a bridge connecting emerging markets with global capital, advancing financial infrastructure in Southeast Asia, and achieving asset transparency, liquidity, and global investability—delivering long-term value to the region’s entire financial ecosystem.
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