Why Fasset is focused on financial opportunities for all
Generation Start-up: The all-in-one Dubai-based super app is built on the blockchain, allowing users to invest in digital assets, remit funds and manage digital wallets
When Mohammad Raafi Hossain and Daniel Ahmed set out to develop Fasset, a blockchain-based all-in-one super app, more than four years ago, their aim was to solve one of the most pressing issues in the world of personal finance: financial inclusion.
“Ever since Dan and I met, our personal mission has always been democratising access to opportunity,” says Mr Hossain, who is also the chief executive of Fasset.
“I was born in Bangladesh, Daniel's from Pakistan, but I moved to Los Angeles when I was one and Daniel grew up in London. So, we've been privileged and fortunate to see both sides of the aisle and how unequal access to opportunity is not necessarily just opportunity itself but accessing that opportunity.”
Mr Ahmed, the start-up's chief operating officer, agrees, saying: “We have roots in the East and kind of grew up in the West; we understand the plight of a lot of people in this part of the world, in emerging markets in particular.”
Fasset, which went live in the UAE last month, is a digital asset exchange that allows users to invest in digital and tokenised real-world assets (RWAs), take part in spot exchange transactions and remit funds globally in a blockchain environment.
Tokenised RWAs are virtual investments on the blockchain that are linked to tangible assets, such as real estate, gold, art and stocks and bonds that can be bought in fractions, according to CoinDesk.
The start-up was granted a Virtual Asset Service Provider (VASP) licence last November and a Full Market Product (FMP) licence in December by Dubai’s Virtual Assets Regulatory Authority.
The global acceleration of FinTech and digital payment solutions since the start of the Covid-19 pandemic has unlocked new financial opportunities for millions of people who previously did not have access to bank accounts or ways to invest, according to the World Bank’s Global Findex 2021 report, which is released every three years.
“The World Bank Group considers financial inclusion a key enabler to reduce extreme poverty and boost shared prosperity,” the Washington-based lender says on its website.
About 22 per cent of the GCC's population is unbanked, compared with 60 per cent in North Africa, research by consultancy Strategy& has found.
Meanwhile, 79 per cent of young adults in the Middle East and North Africa region are unbanked and 72 per cent of the poorest citizens can benefit from financial inclusion, according to the Arab Monetary Fund.
Fasset’s investment options include cryptocurrencies and stablecoins, as well as tokenised RWAs ranging from exchange-traded funds to non-fungible tokens, sukuks, theme-based investment bundles, global stocks and bonds.
It also offers lending, borrowing and remittance services, while potential investors can test the app and their investment skills in Fasset Play.
Mr Hossain and Mr Ahmed quickly recognised the equal opportunities that blockchain enables while working on artificial intelligence and blockchain initiatives as advisers in the UAE Prime Minister’s Office.
“Predominantly, that comes from the fact that when you put assets on blockchain, everyone, no matter what race, religion or creed, has equal access on a technology that doesn't differentiate between your passport or where you're from, or how much money you have in your bank,” Mr Hossain says.
“And that's when we thought: ‘Why not put a platform together that embraces one of the defining technologies of our time and enable access to financial opportunity to anyone and everyone?”
Fasset began with an initial investment of $2.45 million from three family offices. So far, it has raised a total of $26.7 million in funding and is now at the pre-Series B stage.
In April 2022, the digital financial platform closed a $22 million Series A funding round led by Investcorp, New York-based Liberty City Ventures and Pakistan’s Fatima Gobi Ventures. Other investors in the round included Primal Capital, Wealthwell Ventures, FHS Capital, VN2 Capital, myAsiaVC, Soma Capital, Kanoo Capital, Formus Capital, FHS Capital and local family offices.
At the time, the co-founders, who have backgrounds in FinTech and Islamic and ethical finance, said they would use the funding to expand its digital asset-driven remittance services in Asia.
Watch: Best apps for transferring money in the UAE
The UAE is Fasset’s second country of operations following its launch in Indonesia last August, in which it attracted more than 1 million customers on a waiting list within the first week.
Fasset has been issued a crypto asset trading license by Indonesia’s Commodity Futures Trading Regulatory Authority, known as Bappebti, as well as securing licences in Turkey and the European Union.
The start-up's partnership with Indonesia's Indosat Ooredoo Hutchison, marks the first time the company has embedded its digital asset exchange in a telco app.
Fasset’s “business-to-business-to consumer” focus also allows companies to offer the super app to their customers, Mr Ahmed says.
“In Indonesia, we work with the second-largest telco there, where we built a crypto or digital asset wallet for their customers,” he says.
“The customers can buy or sell packages, data, minutes – you can think of it like a desktop app – but they've got a kind of lifestyle application where these customers can also buy and sell digital assets,” Mr Ahmed adds.
“When it comes to the personal finance level, it is directly to the customer from Fasset, but also through enterprises that we're working on as well.”
The company has also partnered with MasterCard to offer a crypto card to users in the region, which customers will be able to start using in the next three months to buy and sell digital assets and use it for spending.
“That's a huge finance-use case,” Mr Ahmed says.
The start-up is currently working with two partners to launch its remittance services for UAE customers to “efficiently” send money home to countries such as the Philippines and to the Central Asia region.
“We're licensed in multiple emerging markets and there's a lot of corridors that the UAE enables, so the goal with Fasset is, very soon, you'll be able to send money to all the different places that originate from here,” Mr Ahmed says.
When Mr Hossain and Mr Ahmed started the company, one question they often asked themselves was, “Who is Fasset’s last user?”
They identified their last user as an individual who lives in a remote part of the world and has internet access, but is unable to live a financially inclusive life.
Today, Fasset’s target demographic is tech-savvy young people, aged between 24 and 40, who live in the Morocco to Malaysia belt and are looking for ways to invest, manage their assets and grow their wealth for generations to come.
“We get them to be educated on what a diverse portfolio means, what moving money across countries can do for you and then we work our way down and understand how we can then optimise the experience for the next batch of people,” Mr Hossain says.
“It's a journey … [and] it doesn't happen overnight.”
Q&A with Fasset co-founder Daniel Ahmed
What other successful start-up do you wish you had started?
Our passion is to equalise access to opportunity in emerging markets. We believe all people, with the right access and opportunity, can build a fulfilling life. If we hadn’t focused on solving the problem of financial opportunity, we probably would have started a company focused on solving access to health care or education.
Who is your role model?
We take a lot of inspiration from technology pioneers like Elon Musk who have an incredible vision, but really get into the details and first principles of solving a problem.
What new skills have you learnt since launching Fasset?
A lot. Running a start-up is like flying a plane while building it, and becoming a jack of all trades. We’ve learnt a lot about how products are built, to customer service all the way to how a finance department should function.
Where do you want to be in five years?
Running a successful business that is helping people across emerging markets with their everyday financial services needs.
If you could do it all differently, what would you change?
There are too many learnings to list! Speaking to customers to understand their pain points and build what they want would have been something I would do as early as possible.
Ziina users can donate to relief efforts in Beirut
Ziina users will be able to use the app to help relief efforts in Beirut, which has been left reeling after an August blast caused an estimated $15 billion in damage and left thousands homeless. Ziina has partnered with the United Nations High Commissioner for Refugees to raise money for the Lebanese capital, co-founder Faisal Toukan says. “As of October 1, the UNHCR has the first certified badge on Ziina and is automatically part of user's top friends' list during this campaign. Users can now donate any amount to the Beirut relief with two clicks. The money raised will go towards rebuilding houses for the families that were impacted by the explosion.”
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023 More than 3.5 million Indians reside in UAE Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
The schedule
December 5 - 23: Shooting competition, Al Dhafra Shooting Club
December 9 - 24: Handicrafts competition, from 4pm until 10pm, Heritage Souq
December 11 - 20: Dates competition, from 4pm
December 12 - 20: Sour milk competition
December 13: Falcon beauty competition
December 14 and 20: Saluki races
December 15: Arabian horse races, from 4pm
December 16 - 19: Falconry competition
December 18: Camel milk competition, from 7.30 - 9.30 am
December 20 and 21: Sheep beauty competition, from 10am
December 22: The best herd of 30 camels
DMZ facts
The DMZ was created as a buffer after the 1950-53 Korean War.
It runs 248 kilometers across the Korean Peninsula and is 4km wide.
The zone is jointly overseen by the US-led United Nations Command and North Korea.
It is littered with an estimated 2 million mines, tank traps, razor wire fences and guard posts.
Donald Trump and Kim Jong-Un met at a building in Panmunjom, where an armistice was signed to stop the Korean War.
Panmunjom is 52km north of the Korean capital Seoul and 147km south of Pyongyang, North Korea’s capital.
Former US president Bill Clinton visited Panmunjom in 1993, while Ronald Reagan visited the DMZ in 1983, George W. Bush in 2002 and Barack Obama visited a nearby military camp in 2012.
Mr Trump planned to visit in November 2017, but heavy fog that prevented his helicopter from landing.
Founders: Amira Rashad (CEO), Yusuf Saber (CTO), Mahmoud Sayedahmed (adviser), Reda Bouraoui (adviser)
Based: Dubai, UAE
Sector: E-commerce
Size: 50 employees
Funding: approximately $6m
Investors: Beco Capital, Enabling Future and Wain in the UAE; China's MSA Capital; 500 Startups; Faith Capital and Savour Ventures in Kuwait
It’ll be summer in the city as car show tries to move with the times
If 2008 was the year that rocked Detroit, 2019 will be when Motor City gives its annual car extravaganza a revamp that aims to move with the times.
A major change is that this week's North American International Auto Show will be the last to be held in January, after which the event will switch to June.
The new date, organisers said, will allow exhibitors to move vehicles and activities outside the Cobo Center's halls and into other city venues, unencumbered by cold January weather, exemplified this week by snow and ice.
In a market in which trends can easily be outpaced beyond one event, the need to do so was probably exacerbated by the decision of Germany's big three carmakers – BMW, Mercedes-Benz and Audi – to skip the auto show this year.
The show has long allowed car enthusiasts to sit behind the wheel of the latest models at the start of the calendar year but a more fluid car market in an online world has made sales less seasonal.
Similarly, everyday technology seems to be catching up on those whose job it is to get behind microphones and try and tempt the visiting public into making a purchase.
Although sparkly announcers clasp iPads and outline the technical gadgetry hidden beneath bonnets, people's obsession with their own smartphones often appeared to offer a more tempting distraction.
“It's maddening,” said one such worker at Nissan's stand.
The absence of some pizzazz, as well as top marques, was also noted by patrons.
“It looks like there are a few less cars this year,” one annual attendee said of this year's exhibitors.
“I can't help but think it's easier to stay at home than to brave the snow and come here.”
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
The bio
Favourite food: Japanese
Favourite car: Lamborghini
Favourite hobby: Football
Favourite quote: If your dreams don’t scare you, they are not big enough
