Inclusion does not happen in corner offices in Singapore, or at big technology conferences, the new markers of seasons in Asia. There is one such event today in Singapore, of course, that will also talk of tokens and financial inclusion.
It happens in the open, under a tree with a tarpaulin over your head.
This week, for instance, yufin onboarded a fisherfolk co-operative together with a govt agency of the Philippines. The agency lends the fisherfolk co-operative money for subsistence, upskilling and growing their small businesses.
The co-operative members will now use the yufin mobile application not just to track their loans, revenues and expenses, but also start using the yuDelivery service to reduce their daily business transport costs and become yufin resellers to sell digital goods like insurance and OTT vouchers in their own communities.
They will earn tokenized yucoins doing so, that can be redeemed for microinsurance and getting discounts on their daily staples. Yes, the yucoins do run off a private blockchain.
It is not about teaching them how to fish; their day job. But how to fish better without ever worrying about tokenization, cryptography and stablecoins.
Because digital payments need to grow local economies first before collecting a toll.
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