Bahrain Grants UK Fintech Fasset First-of-Its-Kind Authorisation To Test Blockchain-Based Solution for Addressing $15 Trillion Sustainable Infrastructure Funding Gap

Press release
Published September 30th, 2020 - 10:56 GMT
Bahrain Grants UK Fintech Fasset First-of-Its-Kind Authorisation To Test Blockchain-Based Solution for Addressing $15 Trillion Sustainable Infrastructure Funding Gap
Central Bank of Bahrain
Highlights
UK-headquartered FinTech Fasset has received authorisation to test its solutions for the tokenisation of hard assets in Kingdom of Bahrain’s FinTech Regulatory Sandbox.

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 US$4.7 million in 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.

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.”

“We thank the Central Bank of Bahrain and Bahrain Economic Development Board for their continued support” says Aziz Zainuddin, Fasset Chief Product Officer. “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.”

Background Information

Central Bank of Bahrain

The Central Bank of Bahrain ('CBB') is a public corporate entity established by the Central Bank of Bahrain and Financial Institutions Law 2006. It was created on 7th September 2006.

The CBB is responsible for maintaining monetary and financial stability in the Kingdom of Bahrain. It succeeded the Bahrain Monetary Agency, which had previously carried out central banking and regulatory functions since its establishment in 1973 (shortly after Bahrain secured full independence from Great Britain).

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