Launch Partners

Launch Partners

Fasset bracing for challenge to its tokenization mission

As a pioneer in Shariah tokenization of gold, making this expensive metal affordable to the average retail investor, UAE fintech Fasset wants to raise the profile of its mission to bring such equitable access to more assets that have potential to appreciate in value.

Having mainly provided backroom support of such products for other institutions, Founder and CEO Mohammad Raafi Hossain shared with IFN Investor that the fintech now aims to have its branding more prominent with a ‘Powered by Fasset’ partnering tagline and also a direct reach to consumers.

While the outfit already has plans to roll out such shared interests in high-value investments like Sukuk and real estate, it does not plan to stop there.

“We believe in the prospect of shared prosperity for many and we are open to not only initial investments. We can tokenize other forms of less common assets. Why not collectibles, for instance, as long as they are Halal in Islam? Or commodities?”

Mohammad Raafi explained this readiness by Fasset to explore beyond the norm will form a critical strategy to differentiating itself from the competition, given the rapid increase of players in the tokenization arena via the use of blockchain technology.

Fasset’s focus will be driven by its underlying Shariah focus for its investment platform, which has gained traction in the UAE and especially in Indonesia — leveraging on its app partnered with Indosat Ooredoo Hutchison to garner over 100 million archipelago residents to sign up.

It is eyeing Malaysia next, having just inked a deal with MBSB Bank to offer its technology for Shariah compliant banking solutions that will include investments in digital assets. Other nations in the pipeline include Bangladesh, Pakistan and Turkiye.

Asked about jurisdictional restrictions, given the fintech’s ambition to grow even faster than it has so far, Mohammad Raafi said one key advantage is its license with the Labuan Financial Services Authority for offshore Shariah finance-related services — which he said is perceived widely as a certificate of authenticity.

“Taken together with our UAE base and customer success in Indonesia, regulators elsewhere are readier to listen to our proposals compared to just two years ago.”

Mohammad Raafi noted this reception is important for Fasset as the fintech is expanding its offerings beyond regional institutional partners in reaching out to retail consumers directly, wherever they may be globally. He said the Shariah approach would be pitched largely to the retail market.

“Our focus is to get Fasset seen as a trustworthy and ethical investment platform anywhere, regardless of religious faiths, because Shariah principles will remain our core operational base.”

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