The Fasset Indonesia team
Digital asset company Fasset has announced the launch of its ‘super app’ that aims to enable users in emerging markets to invest in digital assets with real-world value. In a press statement, the company said that it has secured one million sign-ups in the first week, with Indonesia, Pakistan, and Turkey being the top three markets.
For its launch in Indonesia, Fasset is working with Mastercard Indonesia to bring crypto-backed spending cards to the market.
It has also secured an agreement with telco giant Indosat Ooredoo Hutchison to allow users to access Fasset via Indosat’s im3 and bina+ mobile apps. This feature allows customers to convert the Indonesian Rupiah into digital assets with a future plan to enable them to earn mobile and data credits leveraging their digital assets.
In an email interview with e27, Fasset Co-Founder and CEO Mohammad Raafi Hossain gave examples of the localisation strategy that the company is implementing to win the Indonesian market.
“Our platform is in the local language and focused on the segment of the Indonesian market that is keen on investing in a manner that is aligned with Islamic principles. In response to the clear demand for our services in Indonesia, we have established a dual HQ in Jakarta, where we have over 20 dedicated team members collaborating closely with our original HQ in Dubai to understand the local user base better,” he elaborates.
“We are also partnering with local organisations and thought leaders to increase brand awareness and credibility now that the super-app is officially live and fully compliant with Indonesia’s regulations.”
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The CEO also gives more details about the audience profile that the company is targeting in Indonesia.
“In Indonesia, our target audience primarily consists of individuals who want to learn about investing in digital assets that have real-world value and that fall in line with principles of Islamic Finance. Indonesia also has one of the top migrant and expat worker populations in the UAE and GCC, where we are based. We enable a smooth pathway for digital asset-based remittance for family members on both sides of this remittance corridor,” Hossain says.
“We are focused on increasing the market size of digital assets in Indonesia and intend to bring in customers who may be interested in digital assets but remain on the sidelines due to faith, distrust, or a lack of education.”
Fasset aims to onboard at least a million official customers within Indonesia in its first year.
“Our aforementioned partnerships with Mastercard Indonesia and Indosat Ooredoo Hutchison are expected to help us connect with over 100 million people across the country, so we’re confident we’ll be able to bring on considerably more,” Hossain says.
Fasset secured the crypto asset trading license from the regulator in Indonesia in May.
Its platform was designed specifically for users in emerging markets, providing analysis and asset shortlists based on user needs, with the goal of making it easier to invest in assets that have the potential to build real long-term wealth.
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It allows users to buy, sell, swap, and earn across digital assets, including Bitcoin (BTC), Ethereum (ETH), USD Coin (USDC), USD Tether (USDT), PAX Gold (PAXG) and Tether Gold (XAUT), and will soon offer other novel asset classes such as tokenized real estate, sukuk and global stocks.
Fasset’s super app also gives customers access to thematic bundles consisting of a variety of digital assets to further make it easier to invest and build long-term wealth. Aside from assets, it will soon enable services such as remittance, lending and borrowing.
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Image Credit: Fasset
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