To increase its financial presence in Indonesia, the Middle Eastern crypto exchange Fasset Technologies Ltd. (Fasset) is working with Mastercard, a leading provider of payments technology worldwide.
The announcement follows Fasset’s disclosure that it had secured US$22 million in series A investment.
Crypto exchange Fasset reaches Southeast Asia
Fasset, a cryptocurrency exchange and supplier of tokenization services for sustainable infrastructure funding, has been granted three licenses for commercial activities in Malaysia by the Labuan Financial Services Authority.
The licenses pertaining to the money brokering business, credit token business, and payment system operations will allow Fasset to extend its business operations throughout Southeast Asia as part of its expansion objectives.
Southeast Asia, according to Mohammad Raafi Hossain, co-founder and CEO of Fasset and former consultant to the UAE Prime Minister’s Office, is a thriving digital asset center and home to one of the biggest pools of crypto users.
Fasset to expand in Indonesia
The region is renowned for being open to technological innovation, and government policies encourage digital assets’ expansion. Examples include the Commodity Futures Trading Supervisory Body of Indonesia, which published a list of cryptocurrencies that can be traded there earlier this year.
According to a poll, 41% of Indonesians possess cryptocurrency, which attracts financing for initiatives using digital assets, according to a press release from Fasset.
But Indonesia still has over 92 million unbanked residents, giving it a huge market for financial inclusion, according to the announcement.
Tie up with Mastercard
Working with Mastercard will allow Fasset to open up access to financial and technological tools that could aid in bridging the digital divide, the company stated.
BTC Markets, an Australian cryptocurrency exchange, and Mastercard also teamed only in March. Their goal was to make it possible for users to pay for cryptocurrencies on the site using credit cards, prepaid debit cards, or direct debit.
The move is a part of a larger movement by major payment processors like Visa and Mastercard to include bitcoin capabilities in their services.