ⓘ Featured image: Dalal Buhejji (L), Director of Business Development, Financial Services at EDB; Aziz Zainuddin, CPO of Fasset, UK
UK-headquartered fintech Fasset, a provider of blockchain-powered platforms for the financing of sustainable infrastructure, has received authorisation to test its solutions for the tokenisation of hard assets in Kingdom of Bahrain’s FinTech Regulatory Sandbox. The authorisation, issued by the Central Bank of Bahrain, is the first of its kind in the world.
The company has raised some $4.7 million pre-seed investment from strategic backers in the UAE, Saudi Arabia, Bahrain, Kuwait, and Singapore.
Fasset aims to address climate change acceleration by bridging the sustainable infrastructure funding gap estimated by the World Economic Forum to reach US$15 trillion by 2040. Through its two flagship products, Fasset Enterprise Platform (FEP) and Fasset Exchange (FEX) – Fasset aims to increase investor exposure to assets that were previously illiquid, inaccessible or had high barriers to entry. Simultaneously, asset owners can bypass costly middlemen to directly list their assets on an exchange, gain faster access to liquidity and court a wider base of like-minded investors. FEP provides a tokenisation service for sustainable infrastructure assets – ‘fractionalising’ or breaking down large assets into smaller “pieces” or tokens using blockchain technology. FEX is a platform to where these tokens can be traded.
Speaking of the development, Dalal Buhejji, Director of Business Development, Financial Services at Bahrain Economic Development Board (EDB) in a statement said,
“As disruptive technologies transform industries around the world, investment in innovation is a key enabler and driver of economic growth. Bahrain’s forward-thinking regulatory approach provides an attractive environment for FinTech companies to reap the benefits of our agile economy, availability of the most skilled and diverse workforces and the best value operating costs in the region. We are delighted to welcome Fasset to Bahrain and we look forward to welcoming many more FinTech companies.”
On the other side, Aziz Zainuddin, Fasset Chief Product Officer, said,
“We thank the Central Bank of Bahrain and Bahrain Economic Development Board for their continued support. The CBB has fostered a unique and supportive setting for startups in the region to flourish and to build impactful companies of the future. The CBB granting us this authorisation is proof of the progress the Ethereum developer community has made to earn the trust of regulators worldwide. Moreover, it is testament to the pioneering and pro-innovation spirit of Bahrain, where ideas for tackling the world’s most pressing issues based on even the most cutting edge technologies are given the opportunity to take flight.”