Entertainment Business Transformation: People's Capital Collaborates With Vexanium In Providing Blockchain-Based MSME Loans

Blockchain-based business is growing. (IST)

JAKARTA - In an effort to provide innovative credit solutions, Modal Rakyat collaborates with Vexanium, the Vexanium blockchain platform, introducing MSME credit facilities specifically designed for the restaurant, cafe and karaoke business.

"This is a highly anticipated program by MSME business players who have taken advantage of the Vexanium Blockchain protocol since last year, especially in music entertainment businesses such as restaurants and cafes with karaoke facilities," said Indra Putra, Founder of MYDIO Tech and Advisor Vexanium.

Along with the growth of the family entertainment industry in Indonesia, especially the family karaoke business, from 1992 until the COVID-19 pandemic hit the world in 2020, adjustments in the post-pandemic era demanded a new business concept. One of them is a restaurant with karaoke facilities as an addition.

Marcel Limbong, Director of People's Capital Sales, explained, "Through the collaboration between People's Capital as part of the Fazz Group and Vexanium, we hope to facilitate business actors by opening up new business opportunities in the field of recreation and entertainment. In this collaboration, People's Capital also helps overcome the problem of capital difficulties in producing new works."

In the early stages of this collaboration, People's Capital provides financing of up to IDR 2 billion for each Vexanium member. It is hoped that this collaboration can have a positive impact and help business people.

Danny Baskara, CEO & Founder of Vexanium, explained, "In general, Vexanium has been operating decentrally using a native coin called VEX.

Vexanium is an open-source public blockchain protocol and smart contract platform that provides convenience to developers, startups, companies and businesses in creating blockchain-based projects. As a third-generation blockchain protocol, Vexanium supports the development of DApps and DeFi for startups, businesses and companies.

With the collaboration between Vexanium and Modal Rakyat, the hope is to provide financial support that is more accessible to MSMEs in the entertainment and recreation sectors.

So, with the strong cooperation between Vexanium and People's Capital, MSME businesses in the entertainment sector can access guaranteed credit facilities through a secure and transparent blockchain network.