‏إظهار الرسائل ذات التسميات PropTech. إظهار كافة الرسائل
‏إظهار الرسائل ذات التسميات PropTech. إظهار كافة الرسائل

‘Next Frontier Is Digital Ownership’: Ashish Shelar Backs Tokenisation to Make Real Estate More Accessible to Young Indians

‘Next Frontier Is Digital Ownership’: Ashish Shelar Backs Tokenisation to Make Real Estate More Accessible to Young Indians
(Left to Right) - Manish Kumar, ⁠Vishal Kalantri, Pramod Borate, Ashish Shelar, Somesh Batra, Neera Inamdar
  • Maharashtra IT Minister says responsible tokenisation can lower entry barriers, improve transparency and widen participation in real-world assets
The next big shift in India’s digital economy could move beyond payments and into digital ownership, with blockchain-based tokenisation potentially making traditionally inaccessible assets such as real estate more participative and transparent, said Shri Ashish Shelar, Minister of Information Technology, Government of Maharashtra, at the launch of The Box by RealX and MST Blockchain, in partnership with Liminal Custody, in Mumbai.

Speaking at the event, Shelar said India had already demonstrated the power of digital public infrastructure through UPI and that the country’s next opportunity was to build trusted infrastructure around ownership and productive assets.

“The next frontier is digital ownership,” Shelar said, pointing to the high entry costs, complex documentation, opaque processes and limited liquidity that have historically made participation in real estate difficult for large sections of Indians, particularly younger citizens.

He said responsible tokenisation could help address these barriers by representing clearly defined rights in real-world assets through secure digital units, while creating verifiable records and widening participation.

“Responsible tokenization can help address these barriers. It can represent clearly defined rights in real world assets through secure digital units, create verifiable records, widen participation, and connect capital with productive opportunities,” he said.

The Minister, however, emphasised that technology by itself cannot create trust. For tokenisation to become mainstream, he said, it would need to be supported by legal enforceability, transparent disclosure, cybersecurity, reliable custody, sound governance and strong investor protection.

“A token must not become a shortcut around the law. It must help make rights clearer, transactions more transparent, and accountability stronger,” Shelar said.

His remarks come at a time when Maharashtra is stepping up its focus on blockchain-based asset tokenisation. The state government has proposed the Maharashtra Digitisation and Exchange of Land Token Asset (DELTA) framework to create a legal architecture for tokenising land and other immovable assets.

Against this backdrop, Shelar said initiatives such as The Box could contribute to building the infrastructure needed to translate the potential of tokenisation into real-world applications.

He highlighted the respective roles of the three companies behind the initiative, noting that RealX’s framework seeks to connect blockchain-based digital units with legally enforceable rights in real-world assets, MST Blockchain contributes blockchain infrastructure, while Liminal Custody provides the security and custody layer.

The launch brings together two platforms, REDbox and WHITEbox, designed to address different parts of the real-world asset tokenisation ecosystem. REDbox enables real estate developers to introduce tokenised property offerings under their own brands and platforms.

Shelar also linked the evolution of such infrastructure to India’s larger development ambitions, stressing that technological advancement would need to be accompanied by greater citizen participation and trust.

“India must not simply adopt emerging technology. India must build secure, trusted and responsible systems around it,” he said.

He added that scalable and credible technology platforms could play an important role in enabling wider participation in the real estate ecosystem and supporting India’s broader development objectives.

The remarks at The Box come as tokenisation moves from being largely a technology conversation to a broader discussion around ownership, liquidity, access and infrastructure, with policymakers, financial institutions and technology companies increasingly exploring its potential applications.

MilikiRumah co-founder and CEO Winston Lee names PropertyGuru Group founder-minus-one Faizal Abdullah as newly-minted chief commercial officer

MilikiRumah co-founder and CEO Winston Lee names PropertyGuru Group founder-minus-one Faizal Abdullah as newly-minted chief commercial officer

MilikiRumah (“the Company”), a Singapore-headquartered and Indonesia-based social inclusivity PropTech company for good and owner-operator of two world-firsts – an AI-powered rent-to-own programme and a trailblazing AI-centric SaaS consumer eligibility intelligence platform to effectively qualify consumers to become would-be homebuyers in just under 5 seconds – is pleased to announce leadership renewal with the appointment of former PropertyGuru Group founder-minus-one Faizal Abdullah as chief commercial officer.

“Barely a month into his newly-minted role since joining the Company on 4 May 2026, Faizal is already outperforming expectations by effectively driving a record-breaking 50 per cent month-on-month increase in revenue,” states Winston Lee (“Winston”), co-founder and chief executive officer of MilikiRumah. “We've proven the model works — now we're scaling it. Our focus for this next phase is disciplined expansion: Strengthening our commercial leadership, deepening developer and bank partnerships, and continuing to build the technology infrastructure that makes us the go-to platform for housing finance in Indonesia," opines Winston.

The appointment of Faizal marks a significant milestone in MilikiRumah's trajectory as a fast-growth PropTech organisation; reinforcing the Company's unwavering commitment to operational excellence, revenue growth and strategic commercial expansion across Indonesia. Faizal's depth of experience in revenue generation and business scaling makes him an outstanding addition to MilikiRumah. His leadership will be instrumental as the Company continues to grow its footprint and deliver greater value to business-to-business-to-consumer (“B2B2C”) clients. Underpinned by a robust cap table, MilikiRumah remains steadfastly committed to its partners and stakeholders as the Company continues on its mission of democratising homeownership accessibility to all Indonesians.

MilikiRumah co-founder and CEO Winston Lee names PropertyGuru Group founder-minus-one Faizal Abdullah as newly-minted chief commercial officer

"Faizal and I are alumni of PropertyGuru Group and I had the pleasure of working with him for more than 10 years. We kicked off our executive roles in PropertyGuru Group at about the same time with both of us holding the positions of founder-minus-one. Faizal reported to PropertyGuru Group co-founder and chief executive officer Steve Melhuish whilst I reported to co-founder and managing director Jani Rautianen – who is an angel investor of MilikiRumah,” according to Winston. “During Faizal’s stint at PropertyGuru Group as director of sales support and enablement in Singapore, he helped grow overall revenue by 35 per cent year-on-year. When Faizal dual-hatted as acting country manager of PropertyGuru Group’s marketplace business in Indonesia, he attained market leader status for Rumah.com in a highly competitive and saturated market,” says Winston.

With a housing backlog of 15 million units, Indonesia represents one of the largest underserved housing markets in the world. Millions of households remain excluded from traditional mortgage systems; and MilikiRumah views this nationwide issue as evidence of strong structural demand — creating a significant financing gap.

Winston shares his perspective on how MilikiRumah is empowering homeownership for the underserved by harnessing its best-in-class technology solutions: “MilikiRumah’s first-of-a-kind revolutionary, proprietary technology and data opportunity moat encompasses an artificial intelligence-assisted eligibility and underwriting intelligence and first-party ownership-readiness and affordability data. With every completed transaction, MilikiRumah improves it’s intelligence, credit-scoring and decisioning engine. With a clear path to category leadership, MilikiRumah is positioned to become the infrastructure layer for housing finance; as well as set for expansion into embedded finance verticals adjacent to housing finance,” adds Winston.

MilikiRumah confirms that effective 7 April 2026, former co-founder and President Director Marine Novita is no longer with the Company.

A FORMIDABLE TRACK RECORD SHORED BY AN IMPRESSIVE PORTFOLIO SLATE

Faizal brings to the table, deep expertise in the multinational corporate space in more than 26 years of progressive leadership experience spanning some of Southeast Asia's most respected institutions. Faizal has more than demonstrated proven leadership experience – having built, scaled and successfully exited high-growth ventures spanning a diverse range of industries and geographies including PropTech, commercial real estate development and entrepreneurship.

Faizal was with PropertyGuru Group, from 2015 to 2018, as director of sales support and enablement in Singapore where he grew overall revenue by 35 per cent year-on-year. Faizal was then elevated to acting country manager of Rumah.com and Rumahdijual.com – PropertyGuru Group’s marketplace businesses in Indonesia. Reporting directly to the chief executive officer and chief business officer, Faizal was tasked with enabling the successful delivery of commitments made by the sales team; along with maximizing revenue growth through pricing and yield levers. Under Faizal’s cross-border leadership across Singapore and Indonesia, PropertyGuru Group attained market leader status across the 4 markets it operated out of – including Malaysia and Thailand.

At Rumah123 – a 99 Group business unit in Indonesia, Faizal was senior vice president from 2023 to 2025; helming the company's largest business unit. Faizal was responsible for revenue growth, go-to-market performance, operational efficiency and cross-functional strategy execution. As a senior commercial and transformation leader, Faizal delivered 65 per cent year-on-year revenue growth and expanded customer base by 40 per cent.

As the former co-founder and chief executive officer of KOCO Indonesia for over three years from 2020 to 2023, Faizal built and scaled the cross-border EdTech company from inception to near break-even. Faizal led fundraising, market entry, go-to-market architecture and multi-country operations. Faizal raised USD 1.5 million in seed funding – securing institutional investment from a global EdTech accelerator; and scaling operations across Singapore and Indonesia with cross-functional teams spanning sales, operations, product and partnerships.

From 2018 to 2020, Faizal served as executive director and chief revenue officer at PT. Alam Makmur Property – a Ruby Group company and notable regional real estate developer (“developer”, “developers”) with a portfolio asset worth SGD 2.5 billion. Based in Jakarta, Indonesia, Faizal led the launch of three property developments across Indonesia with a total value of USD 600 million to which, he successfully sold 70 per cent of the residential units in 18 months.

Faizal’s regional leadership experience extends further to Motorola Solutions where he was head of sales enablement across Asia Pacific and the Middle East; and to Hewlett-Packard where he served as senior manager of sales operations for Asia Pacific and Japan – having led the company's lead-to-order transformation and support function. Earlier in his career, Faizal was regional sales manager for Southeast Asia and Hong Kong at Getty Images.

DRIVING COMMERCIAL EXCELLENCE FOR MILIKIRUMAH

As the inaugural chief commercial officer of MilikiRumah, Faizal leads business strategy, profitability, customer performance and execution across multiple functions. Faizal drives strategic initiatives to expand MilikiRumah's market share, strengthen organisational capabilities and enhance long-term competitiveness – all with razor-sharp focus on regional partnerships, go-to-market optimisation, and the Company's expansion into key growth markets across Indonesia.

Widely recognised for his strengths in strategic leadership, business transformation, revenue acceleration and talent development, Faizal's appointment positions MilikiRumah to further capitalise on growing consumer demand and evolving market opportunities across the region.

Faizal chimes in on his recent appointment as chief commercial officer: "I am very pleased to join MilikiRumah at such an exciting stage of its growth journey. Indonesia presents tremendous opportunities for MilikiRumah to empower the underbanked to become bankable homeowners. My focus has always been on translating strategy into real, measurable execution. At MilikiRumah, I am already fostering a far more agile and high-performing commercial and marketing team that delivers sustainable growth while placing our underbanked consumers and valued developer and bank partners at the centre of everything we do," comments Faizal.

MilikiRumah Breaks Barriers With World’s First AI-Powered Credit Intelligence SaaS in PropTech

MilikiRumah Breaks Barriers With World’s First AI-Powered Credit Intelligence SaaS in PropTech
  • MilikiRumah’s AI-powered SaaS stack is currently made up of two components for its B2B2C end-users:
    • VERO: Instant credit history verification
    • TASYA: AI-powered smart customer profiling tool
  • MilikiRumah has recorded exceptional usage traction – delivering financial and operational milestones across Indonesia.
MilikiRumah (“MilikiRumah”, “the Company”), operator of the world’s maiden artificial intelligence (“AI”)-powered software as a service (“SaaS”) credit intelligence and mortgage readiness tool and the first rent-to-own program, today announced the Company has delivered a raft of landmark performance milestones for its revolutionary SaaS solution specifically tailored for business-to-business-to-consumer (“B2B2C”) end-users.

In setting groundbreaking benchmarks in the PropTech space, Winston Lee (“Winston”), co-founder and chief executive officer of MilikiRumah states: “MilikiRumah cements its position as the world’s leading social inclusivity for good PropTech company; backed by our revolutionary technology capability – the likes of which have never been seen before.”

Adds Winston: “With real estate developers (“real estate developers”, “developers”) and their cohort of would-be homebuyers, as our valued B2B2C end-users, recording exponential growth in token usage of our proprietary SaaS solution, MilikiRumah is already demonstrating rapid scalability and clear categorical leadership in the PropTech sector; underpinned by the Company’s proven set of financial and operational results.”

FINANCIAL AND OPERATIONAL MILESTONES

  • Real estate developer onboarding: 151 projects across 73 developers
  • Sales orders: 48% average month-on-month growth; peak 159% in a single month
  • Usage: 117% average monthly growth; peak 362% in a single month
  • B2B2C end-user retention: 98% since October 2025
  • Big data: 37,509 home-seeker data points collected, doubling from Feb 2026

SOLVING A MULTI-BILLION DOLLAR INEFFICIENCY

Indonesia's property sector faces a structural conversion problem: 50 to 70 per cent of leads fail bank eligibility checks, while manual credit history checking processes take up to 14 days!

Consequently, this legacy system results in significant wasted advertising expenditure, inefficient sales cycles, and foregone real estate developer revenue measured in the billions of rupiah each month. MilikiRumah's integrated B2B2C SaaS solution directly addresses this inefficiency by converting uncertain leads into verified, ready-to-buy homeowners – faster, more accurately, and at scale. MilikiRumah's B2B2C SaaS tool is currently available in Indonesia; with a planned expansion pipeline across the broader East Asia region.

“By combining AI-driven credit intelligence with real-time data integration, we are enabling faster, more accurate decisions, unlocking new opportunities for businesses and aspiring homeowners alike – and establishing a strong commercial baseline from a standing start,” according to Prasma Anindita (“Pras”), MilikiRumah’s director of technology.

"Simultaneously, we have rapidly scaled our proprietary data advantage, doubling our dataset of verified home seeker profiles sourced directly from banks and developers. This continuously strengthens MilikiRumah's AI engine and big data repository, reinforcing our barriers to entry and reflecting a rare product competency and mission-critical adoption among our end-users. Developer satisfaction and deep product adoption remain at their highest levels – and we are only just getting started," comments Pras.

UNLOCKING A MASSIVE UNDERSERVED MARKET

  • DBS Bank: 96–97.7 million adults unbanked (~48% of adult population)
  • Yusof Ishak Institute: 80% of Indonesia’s 275 million population unbanked/underbanked
  • Housing backlog: 15 million units as of April 2025
Beyond B2B2C SaaS monetization, MilikiRumah is uniquely positioned to capture value from Indonesia’s large underbanked population and housing backlog; and the metrics are staggering:

According to Singapore multinational banking and financial services corporation DBS Bank Limited: “Indonesia has one of the world's largest unbanked populations, estimated at roughly 96–97.7 million adults, representing about 48 per cent of the adult population. While financial inclusion is rising, many in rural areas remain underserved, fuelling a rapid shift toward fintech and digital banking to reach these individuals,” – source: https://www.dbs.com/newsroom/Indonesia_Has_the_Fourth_Largest_Unbanked_Population_in_the_World_Heres_How_Bank_DBS_Indonesia_Promotes_Financial_Inclusion

In a far more seismic data point reported by Yusof Ishak Institute, and formerly Institute of Southeast Asian Studies which was established as an autonomous organisation by an Act of Parliament in 1968: “About 80 per cent of Indonesia’s 275 million population are unbanked and underbanked.” – source: https://www.iseas.edu.sg/iseas-perspective/2023-78-the-digital-transformation-of-indonesias-banking-sector-current-trends-and-future-prospects-by-manggi-habir-and-siwage-dharma-negara/ via a presentation by Tigor Siahaan, President Director of Superbank.

Indonesia’s housing backlog has risen and as reported by Indonesia’s foremost leading English language national daily: “Indonesia's housing backlog has risen to approximately 15 million units as of April 2025, driven by population growth and low ownership rates, particularly affecting low-income workers.” – source: https://www.thejakartapost.com/business/2025/04/23/indonesias-housing-backlog-rises-to-15-million-this-year-deputy-minister.html

A SCALABLE SAAS INFRASTRUCTURE

  • AI-generated credit intelligence
  • Real-time data integration
  • Conversion optimisation
  • Continuous feedback loops
MilikiRumah's highly scalable SaaS model is architected around four core capabilities: proprietary AI-generated credit intelligence and mortgage readiness infrastructure, real-time data integration sourced directly from real estate developers and banks, conversion optimisation, and continuous feedback loops that progressively strengthen the platform's predictive accuracy over time.

This infrastructure enables real estate developers and banks to identify mortgage-ready buyers at the point of enquiry – eliminating wasted sales effort on unqualified leads, reducing mortgage rejection rates and unit hold-ups through early eligibility assessment, and accelerating the booking-to-closing cycle with data-driven property and payment scheme recommendations. Developer partners have reported booking uplifts of approximately 50 per cent as a direct result of platform adoption attributed to the exponential spike in homebuyer confidence after being assessed by MilikiRumah’s B2B2C SaaS tool.

360° HOMEBUYER PROFILE

At the core of MilikiRumah's platform is a unified customer intelligence layer that combines transaction data, credit history, behavioural signals, and predictive modelling into a single, actionable 360° homebuyer profile. This integration enables developers to assess each prospective buyer's needs, risk profile, and instalment capacity with a depth and accuracy previously unavailable in all of Indonesia and across the globe.

Powered by AI and machine learning, the platform generates precise estimates of eligibility for mortgage loans of consumers of real estate developers, instalment obligations, repayment capacity, and income range – translating raw data into smart, reliable recommendations for the most suitable residential units, payment schemes and homeownership pathways for each individual buyer. The result is faster sales closing for the developer, higher contract success rates, and materially improved customer experience throughout the sales process.

MILIKIRUMAH’S AI-POWERED B2B2C SAAS STACK

  • VERO – INSTANT CREDIT HISTORY VERIFICATION:
    • VERO is MilikiRumah's proprietary credit history checking and verification engine, delivering a complete Bank Indonesia ("BI") eligibility assessment in as little as five seconds!
    • For developers, the commercial impact is direct and measurable: VERO enables the identification and selection of mortgage-ready buyers from the very first point of contact, materially reducing mortgage rejection rates, minimising stalled unit inventory, and accelerating both the sales process and booking decisions. 
    • By filtering out ineligible prospects early, sales teams are freed to focus their time and resources exclusively on qualified buyers – reducing customer acquisition costs and improving overall conversion rates.
    • VERO's core capabilities include real-time BI and bank data integration, precise credit risk identification, and faster, more certain closing outcomes – compressing what was previously a multi-day administrative process in a matter of seconds.
  • TASYA: AI-powered SMART CUSTOMER PROFILING 
    • TASYA is MilikiRumah's proprietary AI sales advisor and predictive profiling engine. 
    • MilikiRumah's platform delivers quantifiable improvements across the credit assessment and sales conversion lifecycle. DBR analysis – previously requiring 14 days via traditional channels – is now performed instantly, reducing processing time of more than 90 per cent. 
    • Through the instant calculation of a prospective buyer's DBR via direct application programming interface integrating, TASYA delivers comprehensive consumer profiles in real time – drawing on consumer personal statements, income prediction modelling, and data integration across multiple sources to determine instalment capacity with precision.
    • For Indonesia’s residential real estate developers and MilikiRumah’s B2B2C end-users, TASYA translates this intelligence into direct commercial outcomes. 
    • By recommending payment schemes calibrated to each buyer's instalment ability, TASYA increases the probability of contract approval; and focuses the sales journey on ready- and financially-capable customers, and supports more confident, data-driven decisions at every stage of the sales process.
    • Beyond its individual capabilities, TASYA functions as a predictive segmentation tool: matching would-be homebuyers to optimally suitable residential units and financing options offered by Indonesia's retail banks, based on AI-driven analysis of income, instalment capacity, and consumer behaviour.
    • "By harnessing the power of VERO and TASYA, B2B2C end-users translate that capability into lower customer acquisition costs, higher inventory turnover, and improved revenue realisation," says Prasma. "With strong early traction, high retention, and accelerating usage, MilikiRumah is building a defensible, data-rich infrastructure – swiftly becoming the go-to trusted tool for property transaction qualification in emerging markets."

REAL ESTATE DEVELOPER TESTIMONIALS

  • The presence of MilikiRumah has significantly improved our business processes. MilikiRumah is invaluable for business owners who prioritise speed,” – Angga Budi Kusuma, President Director, Pesona Kahuripan Group.
  • “We can directly check all prospects using MilikiRumah. The business process is more streamlined and accelerated, increasing bookings by around 50 per cent,” – Anton Suwandi, President Director, Citanusa Group.
  • “Harmony Land Group manages several projects simultaneously. Bogor Green Resort, which has used MilikiRumah, appears more responsive and ultimately closes faster,” – Fithor Muhammad, chief executive officer, Harmony Land Group.
  • “Prospective buyers who visit can immediately request a deposit, increasing conversion rates twofold,” – Michael J. Pratama, sales section head, Akasa Pure Living BSD. 

MILIKIRUMAH’S OTHER WORLD-FIRST: RENT-TO-OWN PROGRAM

For consumers who do not currently qualify for a conventional bank mortgage, MilikiRumah’s world-first AI-powered Rent-to-Own programme provides a structured, personalised 12-month pathway to build payment track records, financial literacy, and credit profiles – graduating participants to become bankable, mortgage-ready homeowners. 

LEADERSHIP

  • Winston Lee, Co-founder & CEO – Award-winning entrepreneur, former PropertyGuru executive, pioneered AI-powered rent-to-own and credit intelligence SaaS.
  • Lau Xin Yuan, Co-founder & Finance Director – Oversees finance, investor acquisition, fundraising; founder of Digiboost Marketing.
  • Faizal Abdullah, Chief Commercial Officer – 26+ years leadership, ex-Rumah123 SVP, ex-KOCO Indonesia CEO.
  • Prasma Anindita, Technology Director – MSc Computer Science, Utrecht University; seasoned developer, serial entrepreneur.

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