Blockchain technology may be transforming how small and medium-sized enterprises (SMEs) operate in Asia.
As we explore in our latest report, this innovative technology brings transparency, efficiency, and reliability to various aspects of operations. Therefore, it would be great if SMEs were to make the most out of it.
With 80% of blockchain protocols coming from China, it becomes paramount to understand the effective potential of blockchain on the growing number of Asian SMEs.
Our current analysis of the state of SMEs in core Asian countries like China, Singapore, Hong Kong and Vietnam has therefore led us to explore how blockchain may be reshaping the SME landscape in Asia.
As usual, we will look at this phenomenon from a technical and reputation management perspective.

Blockchain-Based Reputation Management
Blockchain-based reputation management systems hold significant potential for Asian SMEs; reputation through technological innovation is paramount and we recommend innovation to all our clients. However, caution is always warranted. This is also the case for promising Singapore-based tech start-up QashBack.
QashBack claims to leverage Ethereum blockchain technology to power its platform. The company also confirms that transactions on its platform will be recorded on the Ethereum blockchain, ensuring they are transparent, self-executing, and immutable.
Additionally, QashBack mentions the integration of Artificial Intelligence (AI) and Data Analytics. This suggests they are using machine learning and data processing capabilities to provide personalised and contextual reviews for merchants.
While there is potential, there are also reasons to be cautious.
In fact, SMEs could greatly benefit from a genuine and decentralised reputation management solution. However, as highlighted in our report, achieving a solid, feasible, and sustainable blockchain solution is challenging.
Therefore, if you are an SME, it is wise to keep an eye on QashBack’s development but also manage your expectations carefully.
Impact of Blockchain on SME Lending
Lending is another area where Asian SMEs are making significant progress.
Several projects were launched between 2016 and 2020, but the OneConnect project stands out.
UnionBank, a Philippine-based bank, along with its fintech subsidiary UBX, aims to create a blockchain-enabled digital platform for Micro, Small, and Medium-sized Enterprises (MSMEs) in the country.
According to our research, the project was initially planned to be operational by the end of 2019, with an expansion to a larger community of MSMEs by 2020.
However, there is no update on the project’s current status or its operation in 2024.
So, why is blockchain relevant for SMEs? Our report highlights that SMEs are growing rapidly in Asia, yet there is a lack of funding in key countries like Vietnam and the Philippines.
Blockchain could significantly help these economies and support SMEs by simplifying and speeding up lending processes through smart contracts. These contracts can automate the Know Your Customer (KYC) and approval procedures.
Nonetheless, there is a significant difference between planning a project, creating a prototype, and making it fully operational. Despite this, blockchain technology holds promise for SMEs, and it is an area worth monitoring closely. We will continue to keep an eye on developments in this space.
Blockchain: when will it become an achievable frontier for SMEs in Asia?
NorthStar is actively reviewing all initiatives and realistic investment opportunities for SMEs in the Asian market and beyond.
We will continue to post updates, as monitoring this technology is crucial. Blockchain is not only a promising investment but also a powerful tool for SMEs to make smarter, faster, and more transparent decisions. This technology is poised to drive growth and innovation for Asian SMEs.
By adopting blockchain, SMEs in Asia can achieve greater transparency, efficiency, and reliability. This paves the way for continued growth and success, establishing blockchain as a new frontier for Asian SMEs.
However, we will not know how effectively blockchain will work until it is more widely adopted. Promising opportunities, such as BankSocial, are currently being developed and offer great potential for SMEs globally. We will be covering BankSocial in a featured article to delve deeper into these opportunities.
Therefore, continuous monitoring and attentive analysis are essential to fully leverage blockchain’s potential.
Want to know how we can help your company research the topic? Get in touch with our experts!