UK-headquartered 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 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 in pre-seed investment from strategic backers in the UAE, Saudi Arabia, Bahrain, Kuwait, and Singapore.
Fasset said it aims to address climate change acceleration by bridging the sustainable infrastructure funding gap estimated by the World Economic Forum to reach $15 trillion by 2040.
Through its two flagship products – Fasset Enterprise Platform (FEP) and Fasset Exchange (FEX) – the company said it aims to increase investor exposure to assets that were previously illiquid, inaccessible, or had high barriers to entry.
FEP provides a tokenisation service for sustainable infrastructure assets – breaking down large assets into smaller “pieces” or tokens using blockchain technology while FEX is a platform to where these tokens can be traded.
Mohammad Raafi Hossain, is CEO of Fasset
Dalal Buhejji, director of Business Development, Financial Services at Bahrain Economic Development Board (EDB) 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.”
Aziz Zainuddin, Fasset chief product officer, added: “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.”
The former technology advisor to the UAE Prime Minister’s Office, Mohammad Raafi Hossain, is CEO of Fasset.