Financial news

Securing over a million sign-ups in its first week, Fasset, a digital asset company focused on driving financial inclusion, has launched its super-app. Consequently, those in emerging markets with limited access to digital financial services, now have a way to invest in digital assets with real-world value.

Fasset is primarily targeting Pakistan, Indonesia and Türkiye with its launch. This further builds on the service it already offers as it was issued its crypto asset license from Bappebti, Indonesia’s commodity futures trading regulatory agency, in May, and received cross-border payment licenses in Türkiye and the EU.

Notably 270 million people in Indonesia don’t have access to traditional financial services. By launching its super-app, Fasset is bringing many previously excluded from finance into the picture. This is further solidified through the licenses Fasset has acquired.

Though the platform is currently only offering the buying, selling and trading of digital assets, Fasset plans to further expand this with tokenised real estate, sukuk and global stocks. It will also introduce services such as remittance, lending and borrowing. Combining accessibility with its cross-border facilitation, Fasset aims to enable the sending of assets from regions such as the 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 translation 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 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 nonexistent. 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.”

Providing access to finance to emerging markets

Fasset is designed specifically for users in emerging markets. It provides 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.

Users can buy, sell, swap and earn various digital assets on the platform including:

• Bitcoin (BTC)
• Ethereum (ETH)
• USD Coin (USDC)
• USD Tether (USDT)
• PAX Gold (PAXG)
• Tether Gold (XAUT)

Fasset’s super-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.

Partnering for success

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. Its goal is to facilitate 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. This allows 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.

President director and CEO of Indosat Ooredoo Hutchison, Vikram Sinha, 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 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 super-app for over four years. A local team of over 20 people out of Fasset’s new headquarters in Jakarta will drive its launch in Indonesia. This will serve as a regional hub for wider expansion in addition to the dual headquarters in Dubai.

Broadening consumer horizons

Mohammad Raafi Hossain, continues: “The digital assets ecosystem was built on the ethos of financial freedom and fairness — especially for emerging economies. However, it has fallen short of this grand promise. Fasset’s super-app makes both digital assets and on-chain real-world assets more accessible to the world’s most mobile-savvy populations. It 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.”