The idea behind this talk is to walk the audience through all the aspects of a real-world asset tokenization (RWA) project that is developed from scratch and is in production. The presentation will review the following topics: The need behind the project, technological aspects of token creation and issuance, Finspot token tokenomics, real-life challenges along the way (regulation, market awareness), achieved results, how is the data going to affect the next token design, as well as a look into the future - what are the trends?

1. A real-world asset tokenization in
practice

2. Finspot is a fintech that enables access to finance
for small and medium businesses

3. We enable clients to have money on
the account within 24h
Supplier issues an invoice based on the
goods/services provided
They sell this invoice to us
We pay the supplier majority of the invoice
amount (~80%)
At the due date, the buyer pays the amount
to Finspot
Finspot pays the remaining to the supplier
and pockets the fee

4. This process is called invoice factoring.
But, why do it?
50% of SMEs don’t have
access to finance
€110 bn financing gap in the
region

5. Now:
Financed over 2700 invoices
€11+ million turnover
100+ clients
131 invoice financed in a single day
2m 47s record: from request to money on the account

6. Banks don’t recognize young companies
Not many other options aside from funds
Investment culture not developed
Still, huge problem in attracting capital
factor #1

7. Why not tokenize a business?
…fees from our services
€13 billion in private accounts in Serbia
There’s money to be invested, it just needs to be channeled
Suitable regulation + people are looking for real opportunities
factor #2

8. RWA vs “Traditional” DeFi
Existing protocols – initial version of DeFi
Problem: Yields typically come from a recursive on-chain
activity tied to crypto assets
Struggled to scale because the underlying yield generation
mechanism only works when prices are going up

9. RWA vs “Traditional” DeFi #2
RWA generates yield from real business & can provide steady
growth – you can map where your yield is coming from
Bridging underserved markets and pools of capital that move
fast!
Wider adoption blocker: regulators need to update more
quickly

10. Tokenomics

11. Token predstavlja finansijski instrument - dematerijalizovanu obveznicu
Kupuju ga akreditovani investitori, dinarskom uplatom na račun Finspota
Nakon kupovine, investitor ulaže token u investicione indekse
Investicioni indeksi nose informacije o roku dospeća i prinosu
Profit se isplaćuje u dinarima a tokeni se vraćaju investitoru
Investitor tokene prodaje nazad Finspotu ili nastavlja sa ulaganjem
Funkcionalni aspekti
Token standard: ERC-20 (openzeppelin; customized)
Implementation – Technical aspects
Produces RWA (invoices)
Translates these assets on-chain
Hosts the token smart contracts
and provides scalability

12. Regulatory aspects
The Securities Commission
Ministry of Finance
Administration for the Prevention of Money
Laundering
National Bank of Serbia

13. Token Offering
Index A
7%
APY
Maturity: 3M
Capacity: 12,000 FIN
Index B
7%
APY
Maturity: 6M
Capacity: 20,000 FIN
Index D
10%
APY
Maturity: 12M
Capacity: 35,250 FIN
Index C
8.5%
APY
Maturity: 9M
Capacity: 35,250 FIN

14. 1st round results
€300k sold in a month
New investment product
Development opportunity for the economy and
industry branding

15. Future tokenizations
More features
- Continuous investment option (v2)
- Foreign currencies (v2)
- Crypto acceptance (v3)
- Investment tranches: risk-sharing (utilizing risk algorithms) + higher yields (v3)
Senior
Mezzanine
Junior
Yield
Risk

16. Global tokenization trends
(1) More investors inclined to yields stemming from the real
economy
(2) Big players entering the space
(3) Dedicated tech companies facilitating access

17. finspot.com
jovan.milovanovic@finspot.com