Fasset, a Fintech aiming to support financial inclusion, has launched a “Super App,” reportedly garnering over one million signs ups in the first week.
Fasset is a digital asset firm that provides access to tokenized real world assets. The company said that sign ups came from Indonesia, Pakistan, and Turkey. The company said the response is indictiatve of the interest in accessing alternative assets in emerging makrets.
Fasset has received a crypto asset trading license from regulator Bappebti (Indonesia’s Commodity Futures Trading Regulatory Agency) this past May. In its home country of Indonesia, Fasset says the opportunity is huge as more than half of the 270 million Indonesians do not have access to traditional financial services.
Fasset says it has received licenses to operate in other regions, too, including Turkey and the EU, and is nearing approval in other jurisdictions.
Mohammad Raafi Hossain, CEO of Fasset, commented on the launch of the App:
“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 non-existent. Digital assets on blockchain rails can democratize finance and level the playing field, giving billions of people the opportunity to invest in the upside of global asset classes across the world.”
Currently, Fasset provides trading in Bitcoin, Ethereum, and multiple stablecoins. The company says it will “soon offer other novel asset classes such as tokenized real estate, sukuk, and global stocks.”
Fasset’s super-app will also enable services such as remittance, lending, and borrowing.
Fasset notes that it has partnered with Mastercard Indonesia to bring crypto-backed spending cards to Indonesia for the first time. Fasset also reports an agreement with mobile telecom Indosat Ooredoo Hutchison that is expected to enable the company’s 30 million active users to access Fasset via Indosat’s mobile apps, allowing customers to convert Indonesian Rupiah into digital assets.
Hossain said the digital assets ecosystem was built on the ethos of financial freedom and fairness but has fallen short of this grand promise.
“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,” said Hossain.
