Thursday, 28 September 2023

Fasset launches app for financial inclusion in emerging markets

5 min read

Fasset, a digital asset company focused on driving financial inclusion, has launched its app to enable people in emerging markets to invest in digital assets that have real-world value.

The app makes it easier than ever before for anyone to invest and save within a safe and compliant framework.

Securing over one million sign-ups in the first week, the launch reveals the strong appetite for accessible digital assets, with Indonesia, Pakistan and Türkey being the top three markets for users. Following the issuance of its crypto asset trading licence from regulator Bappebti in May, Fasset is placed to offer services to Indonesians, with over half of the country’s 270 million people lacking full access to traditional financial services.

The launch of the app is central to Fasset’s aim of becoming the beginning and end points of some of the world’s top remittance corridors, having secured licences in Türkey and the EU, and is in the final stages of receiving permissions from a number of other jurisdictions. By connecting these licences, Fasset enables users to send their assets from regions such as the Gulf Cooperation Council (GCC) to Southeast Asia, one of the most lucrative and active remittance corridors in the world.

Mohammad Raafi Hossain, CEO of Fasset, said: “Fasset's goal is to bring the opportunity of financial freedom to the fingertips of users across emerging markets. We’re laser-focused on unlocking the potential of real-world assets and translating them into economic opportunities for all. We want every user to be able to build a portfolio that eventually enables them to earn enough yield to allow them to do what they love with their life. In most emerging markets, being able to build a diversified portfolio, leverage against assets and earn sustainable yields are either scarce or non-existent. Digital assets on blockchain rails can democratise finance and level the playing field, giving billions of people the opportunity to invest in the upside of global asset classes across the world.”

Fasset is designed specifically for users in emerging markets, providing analysis and asset shortlists based on user needs, with the goal of making it easier to invest in assets that have the potential to build real long-term wealth. The platform provides a seamless interface through which to buy, sell, swap, and earn across digital assets, including Bitcoin (BTC), Ethereum (ETH), USD Coin (USDC), USD Tether (USDT), PAX Gold (PAXG) and Tether Gold (XAUT), and will soon offer other novel asset classes such as tokenised real estate, sukuk and global stocks. Fasset’s app also gives customers access to thematic bundles consisting of a variety of digital assets to further make it easier to invest and build long-term wealth. Aside from assets, Fasset’s app will soon enable services such as remittance, lending and borrowing.

Working with key partners is central to Fasset’s goal of bringing digital assets to a mainstream audience via familiar touchpoints. Its partnership with Mastercard Indonesia brings crypto-backed spending cards to Indonesia for the first time, with the goal of facilitating digital asset usage for 80 million people across the country. More recently, Fasset’s latest agreement with Indosat Ooredoo Hutchison will enable the telecommunications company’s 30 million active users to access Fasset via Indosat’s im3 and bina+ mobile apps, allowing customers to convert Indonesian Rupiah into digital assets. In the future, the partnership will also enable customers to earn mobile and data credits leveraging their digital assets.

Vikram Sinha, president director and CEO of Indosat Ooredoo Hutchison, said: "We see massive growth in crypto asset investors in Indonesia. By exploring the collaboration with Fasset to enable crypto services in the myIM3 and bima+ applications, we hope it can help the crypto industry and investment growth in the country. This collaboration manifests IOH's commitment to delivering world-class digital experiences, connecting, and empowering every Indonesian."

Backed by Liberty City Ventures, Fasset has been building the infrastructure to support the app for over four years. Its Indonesia market launch will be driven by a local team of over 20 people out of Fasset’s new headquarters in Jakarta, which will serve as a regional hub for wider expansion in addition to the dual headquarters in Dubai.

Hossain said: “The digital assets ecosystem was built on the ethos of financial freedom and fairness — especially for emerging economies, but has fallen short of this grand promise. Fasset’s super-app not only makes both digital assets and on-chain real-world assets more accessible to the world’s most mobile-savvy populations but also broadens its users’ horizons through the availability of asset classes they might not have previously known existed. In the process of building this super-app, our team of digital asset experts conducted extensive analyses of what our users needed, supporting only the asset classes that stand to help individuals build long-term wealth.”

Re-disseminated by The Asian Banker

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