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 (Real World Asset) ecological closed loop.
In September 2025, the blockchain financial infrastructure platform Figure Technology successfully went public on NASDAQ, with a market value exceeding $6.6 billion on its first day, hailed as the world's first stock of RWA. This is not only a milestone for the company itself but also signifies that the RWA narrative has officially entered the mainstream capital market.
Figure was founded by Mike Cagney, co-founder of SoFi, with its core business being Home Equity Lines of Credit (HELOC). Through its self-developed Provenance blockchain, it compressed the approval cycle from 42 days to 5 days and registered and securitized loan assets on-chain. Figure's advantage lies in its real cash flow assets (home loans) being naturally suitable for securitization, while also platforming its technology to connect banks and capital markets, achieving breakthroughs in compliance by successfully issuing interest-bearing stablecoins and on-chain AAA bonds.
Ultimately, Figure has become the absolute leader in the tokenization of private credit in the U.S. RWA market, with a market share close to 50%.
Figure's listing tells us that blockchain financial companies can not only be accepted by the SEC but can also gain recognition from traditional capital markets. The question is whether this path can be replicated in different regions.
If Figure moved U.S. real estate credit assets on-chain, then in Southeast Asia, the closest equivalent is consumer finance: concepts like BNPL (Buy Now Pay Later), electronic wallet installments, and microloans are rapidly gaining popularity among the local youth. Meanwhile, the regional financial infrastructure in Southeast Asia still has shortcomings, with low bank credit coverage and a huge space for consumer loans, where every installment repayment and credit bill is a naturally structureable cash flow asset.
In other words, consumer finance in Southeast Asia is like home loans in the U.S.—the best entry point for RWA. Tabi's positioning is to bring Southeast Asia's consumer finance assets on-chain, starting from real transaction scenarios, ultimately building a closed loop similar to Figure's—but more flexible and with a broader audience.
Tabi's strategic vision is actually very clear and firm: it not only hopes to efficiently bring Southeast Asia's consumer finance assets on-chain but also aims to build a full-chain infrastructure that spans asset origination, tokenization, distribution, and trading, allowing consumer finance to meet the real needs of a vast user base in Southeast Asia while also possessing global investability.
Tabi's goals can be summarized in three layers:
Serve the local market—By integrating the real financial needs of hundreds of millions of consumers in Southeast Asia with on-chain assetization mechanisms through microfinance scenarios, providing the market with more inclusive and efficient financing tools.
Link global capital—By leveraging blockchain and the RWA model, packaging decentralized off-chain assets into investable asset products, opening them to global investors, and releasing the growth dividends of the Southeast Asian market.
Build a new type of financial infrastructure—Not just a single consumer finance company, but an open, compliant, and transparent asset platform that gradually evolves into Southeast Asia's "Provenance blockchain," allowing more types of assets to be tokenized and circulated within the same framework.
In other words, Tabi's mission is not limited to solving the financing issues of consumer finance but aims to become an RWA hub connecting emerging markets with global capital, driving Southeast Asia to achieve leapfrog financial upgrades in the next decade.
In this path, TabiPay will become the key entry point for Tabi to realize its vision. As a core Payfi product aimed at the Southeast Asian market, TabiPay encompasses the necessary functions covered by traditional consumer finance while transforming everyday consumption bills and repayment records into on-chain real cash flow assets.
Through TabiPay, Tabi can:
Directly reach users—Providing convenient financial services to users in scenarios such as shopping, utility payments, and digital service subscriptions;
Generate high-frequency assets—Every consumption and repayment is crystallized into structureable cash flow, ensuring the authenticity and transparency of assets from the source;
Facilitate on-chain circulation—Tokenizing these consumer finance assets, entering Tabi's asset platform, and issuing compliant RWA products to global investors.
In other words, TabiPay is both a consumer tool for C-end users and an asset entry point for B-end and capital markets. It allows Tabi to be not just a consumer finance company but also a financial infrastructure platform that can drive asset on-chain through real scenarios and attract 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 ecological closed loop. This not only means that Tabi will provide more efficient and transparent financial services to local consumers and merchants but also allows global capital to participate safely and compliantly in this rapidly growing market.
If Figure's successful listing proves that blockchain technology can reshape the U.S. housing credit market, then Tabi is replicating and expanding this path in Southeast Asia, becoming a pioneer in regional consumer finance RWA. In the future, Tabi's vision is to establish a bridge connecting emerging markets with global capital, promoting the upgrade of Southeast Asia's financial infrastructure, achieving asset transparency, liquidity, and investability, and bringing long-term value to the entire regional financial ecosystem.
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