Fasset Unveils Its Digital Asset Exchange App In UAE
UAE Is Fintech Startup’s Second Global Market
Dubai-headquartered fintech startup Fasset has launched its digital asset exchange app and made it accessible to UAE-based users.
The launch follows Fasset’s attainment of a Virtual Asset Service Provider (VASP) licence from Dubai’s Virtual Asset Regulatory Authority (VARA) in November 2023, positioning the startup as one of the pioneers in the regulated virtual assets ecosystem in the GCC region.
Launching the smartphone-based app (iOS and Android) is a fresh boost for the UAE’s fast-growing digital asset market.
Go-Live On March 28, 2024
The Fasset mobile app, online since March 28, 2024, features a comprehensive suite of broker-dealer services aimed at novice and pro investors seeking to diversify their portfolios with digital and tokenised assets.
The platform promises a secure, blockchain-based environment for conducting transactions in digital assets, including cryptocurrencies and stablecoins, and offering investment bundles.
In addition, Fasset Play, a digital playground within the app, provides a risk-free setting for users to hone their investment strategies.
Regional Role
The Middle East is rapidly emerging as a global hub for digital assets and the expansive Web3 ecosystem, with unprecedented investment pouring into the sector.
This influx of investment has propelled the region to the forefront of crypto transaction growth, outpacing all other areas worldwide. The UAE, particularly Dubai and Abu Dhabi, plays a pivotal role in this growth.
From May 2020 to May 2021, the UAE witnessed a 500% increase in its contribution to the global crypto market, with transactions surpassing the $25 billion mark and nearly $35 billion in 2023.
Mohammad Raafi Hossain, CEO of Fasset, highlighted the UAE’s growing digital asset investment landscape, bolstered by the UAE federal government’s drive towards fostering innovation and entrepreneurship in the Arabian Gulf country, which is seeking to diversify its economy from traditional hydrocarbon exports that have made the country one of the richest in the world.
“Our objective is to democratise access to financial services, thereby enhancing wealth-building opportunities for our customers in the UAE,” Hossain stated, underscoring the platform’s commitment to security and transparency.
Fasset’s UAE launch marks its second global market, following a debut in Indonesia in 2023, where it quickly amassed over one million waitlisted customers.
Collaborations with Indosat Ooredoo Hutchison and Mastercard extend Fasset’s reach, including introducing a crypto card for regional users.
With a broad licensing portfolio in emerging markets, Fasset’s VARA-granted VASP licence allows the company to provide global virtual asset brokerage services from its Dubai base.
Founded by Mohammad Raafi Hossain and Daniel Ahmed, Fasset has recently secured $26.7 million in funding. The fintech startup aims to enable secure, global investment in digital assets while ramping up global expansion from its core markets.
Featured image: The Fasset app is now available on the App Store and Google Play. Credit: Fasset
