Fasset cleared to operate in Labuan by LFSA
By Digital News Asia June 10, 2021
- Received three separate full authorisations from LFSA to commence operations
- Licencing will allow expansion of Fasset’s services to more than 180 jurisdictions
DIGITAL asset gateway company, Fasset, announced that it has received three separate full authorisations from the Labuan Financial Services Authority (LFSA) in the federal territory of Labuan in Malaysia to commence its digital asset business operations from the country.
This is the first full licensing outside of the Middle East for Fasset, which provides tokenisation services for sustainable infrastructure assets, the company said in a statement.
The company said it already has a presence in Bahrain and the UAE, having received authorisation from the Central Bank of Bahrain to test its solutions for the tokenisation of real assets in the country’s FinTech Regulatory Sandbox—the first such authorisation of its kind globally.
The Labuan licensing will allow for the expansion of its services to more than 180 different jurisdictions and will serve to accelerate the company’s venture into the Southeast Asia market.
Fasset said the move comes as part of the company’s long-term growth plans to strengthen its presence across South and Southeast Asia.
“The reception of these licenses serves as a starting point for Fasset’s expansion in Asia, as we strive to bring new financial opportunities to investors and consumers across the continent,” said Mohammad Raafi Hossain, chief executive officer (CEO) of Fasset.
“South and Southeast Asia are ripe for digital transformation and disruption, and we plan to play a central role in accelerating the growth of both the digital asset and ESG (environment, social, governance) sectors in both of these regions.”
Fasset, a UK-headquartered fintech company, is described as a regulated, multi-country digital asset Ggateway, providing users easier and free access to buy, sell, send and store digital assets such as Bitcoin and Real World Asset Tokens.
“Labuan serves as a hotbed for innovation within the region, attracting some of the most globally sought-after projects in the emerging technologies space.
“We are proud to remain a chosen hub for financial and technological innovation for trailblazing firms like Fasset, many of whom elect to base their Southeast Asian operations from our shores,” said Farah Jaafar-Crossby, CEO of Labuan International Business and Financial Centre (Labuan IBFC) of Malaysia
“We believe that by supporting these innovative businesses, we not only strengthen Malaysia, but Southeast Asia collectively.”
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