Southeast Asia

Executive Summary

Tabi is tokenizing consumer finance assets in Southeast Asia with its TabiPay platform, building on the market validation set by Figure Technology's Nasdaq listing and successful Real World Asset (RWA) securitizations, which signal growing institutional confidence in blockchain-based financial solutions.

The development marks a significant step towards bridging traditional finance with blockchain technology, particularly in emerging markets, and highlights the accelerating global adoption of tokenized assets.

The Event in Detail

Figure Technology's Market Validation

Figure Technology, a blockchain financial infrastructure platform focused on RWA, recently listed on Nasdaq, achieving a valuation exceeding $6.6 billion. Its shares closed at $31.11 on debut, a 24% gain from the $25 pre-sale price, with 211.66 million shares outstanding. The steady trading pattern demonstrated institutional confidence in the company's tokenized credit model.

Figure has established itself as a leader in blockchain-based securitizations. Its Provenance blockchain model for securitizing real estate loans significantly reduces approval times and enhances compliance. The company completed a landmark $355 million securitization of mortgage assets (FIGRE 2025-HE3), which received AAA to B- ratings across all six bond classes from S&P Global Ratings. Todd Stevens, Chief Capital Officer of Figure, stated, "Securing AAA ratings from S&P reflects the growing confidence in blockchain infrastructure as a foundation for secure, efficient, and transparent financial products." This model provides operational efficiencies, allowing rating agencies to accept 25-30% loan sampling at $100 per loan, a reduction from the 100% audit requirement costing $500 per loan in conventional AAA securitizations. Figure currently manages $12 billion in loans outstanding with approximately $750 million in monthly originations.

Tabi's Entry into Southeast Asian Consumer Finance

Tabi is extending the RWA tokenization trend into Southeast Asia, targeting the region's consumer finance sector through its TabiPay initiative. This includes areas such as 'buy now, pay later', e-wallet installments, and micro-loans, which are identified as prime candidates due to high demand, limited traditional banking coverage, and inherent structured cash flows.

TabiPay aims to build an end-to-end infrastructure for asset origination, tokenization, distribution, and trading of these consumer finance assets. The platform is designed to connect global capital with Southeast Asia's economic growth, establishing a transparent, compliant, and open financial infrastructure. TabiPay is projected to process over $1 billion in annual payment volume and is scheduled for launch in Q3 2025. It aims to lower barriers to entry for users and developers, offering instant crypto payments via social IDs and seamless fiat off-ramps through global banking partners.

Market Implications

Growth Trajectory of Real-World Assets (RWA)

The successful integration of RWA into traditional financial markets, exemplified by Figure Technology's achievements, reinforces projections for substantial growth in the sector. Boston Consulting Group projects the global RWA tokenization market to reach $16 trillion by 2030. In Indonesia alone, local analysts forecast RWA tokenization could account for $88 billion in value by the same year, signifying the immense potential in emerging economies.

Institutional Adoption in Southeast Asia

Southeast Asia is rapidly evolving into a significant hub for institutional blockchain adoption. Initiatives like Tokenize Indonesia, supported by institutions such as BRI Bank, Pegadaian, PosDigi, and MDI Ventures, are pushing RWA use cases. Indonesia is transitioning from a retail-driven crypto market to a national testbed for institutional blockchain adoption, with its Financial Services Authority (OJK) expected to launch a regulatory sandbox in Q3 2025. This strategic shift underscores a move towards more sustainable and systemic integration of blockchain technology.

Regional Regulatory Landscape

The tokenized asset market in Southeast Asia is characterized by a fragmented yet innovative regulatory environment. Thailand prioritizes institutional-grade tokenization, while the Philippines focuses on retail adoption. Indonesia is developing cautious regulatory frameworks, with rules anticipated in Q3 2025. Singapore, through Project Guardian, is testing cross-border tokenized fund structures with global banks. These diverse approaches necessitate localized partnerships and strategies for investors navigating the region.

Comparison and Precedent

Figure Technology's model, particularly its success in achieving S&P AAA ratings for securitized assets on the Provenance blockchain, serves as a crucial precedent. This demonstrates that blockchain-native lending and securitization can meet stringent traditional finance requirements, providing a blueprint for other platforms like Tabi aiming to tokenize diverse asset classes in emerging markets.

Expert Commentary

VanEck analyst Matthew Sigel projected that Figure shares could double to $40 within 12 months, with potential upside to $60-75 over 18-24 months, citing adoption and margin expansion. This outlook reflects the positive sentiment surrounding companies that effectively leverage blockchain for financial efficiencies and transparency.

Broader Context

The rise of RWA tokenization in Southeast Asia, led by initiatives such as TabiPay, represents a significant step in bridging traditional finance with the blockchain ecosystem. This trend unlocks new investment opportunities, fosters financial inclusion by extending services to underserved populations, and further validates blockchain as a robust infrastructure for modern financial products. The focus on local markets and compliance, while connecting global capital, positions Southeast Asia as a critical region for the continued evolution and mainstream validation of on-chain real-world assets.