The Central Bank of Bahrain (CBB) has given UK blockchain startup Fasset, a first-of-its-kind authorisation to test its digital solutions inside the Kingdom’s regulatory sandbox.
Founded in 2019, the financial technology (fintech) startup is a blockchain-powered marketplace for the ethical financing of sustainable infrastructure. It looks to bridge the sustainable infrastructure funding gap which the World Economic Forum estimates will reach $15 trillion by 2040.
The company offers a tokenisation service for sustainable infrastructure assets and provides an exchange platform where these tokens can be traded.
“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,” said Dalal Buhejji, director of business development, financial services at Bahrain Economic Development Board (EDB).
The company has raised $4.7 million in pre-seed investment from strategic backers in the UAE, Saudi Arabia, Bahrain, Kuwait, and Singapore.
“We thank the Central Bank of Bahrain and Bahrain Economic Development Board for their continued support,” said Aziz Zainuddin, chief product officer at Fasset. “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.”