GITEX Exclusive: Fasset Vision and Innovations in Web3 Finance

Uncovering Fasset Vision and Innovations: Insights from GITEX 2024

Fasset Project
Sudeep: Hello, everyone! This is Sudeep reporting live from GITEX on behalf of Coin Gabbar.

Today, we have the pleasure of speaking with Umair from Fasset, who has some exciting developments to share with us. Stick around until the end, because you're going to learn a lot about the Web3 industry and Fasset as a whole.

Umair Javed, welcome to the show!

Umair: Thank you, Sudeep. It's a pleasure to be here.

Sudeep: You joined the industry and must come with a vision, so, can you tell us what exactly is Fasset and what brought you into the Web3 world?

Umair: Sure, let me start by giving you a bit of background on how I got here. My journey into the Web3 space didn’t happen overnight. I come from a traditional finance background—having worked as an investment banker in New York and London. After that, I moved to Singapore to run a venture capital fund, where I began investing in crypto alongside other verticals. That’s how I became involved in crypto, but when I looked at the industry back then, I noticed it was lacking real-world use cases.

Having a traditional finance background, I was determined to figure out how blockchain could be leveraged as a horizontal technology to create real value for end-users in terms of real utility and real use cases. This led me to Fasset.

Fasset is essentially an exchange that offers digital and real-world assets to customers in emerging markets. Our mission is to provide access to tier-one assets. We started with cryptocurrency as one of the asset classes, but our long-term goal is to introduce other assets like stocks, bonds, private equity, and other tier-one institutional-grade assets. Blockchain is simply the enabler for all of this.

Sudeep: That’s fascinating! It sounds like Fasset is playing a key role in bridging Web2 and Web3. Would you say that’s correct?

Umair: Yes, technically that is correct, but from a traditional finance perspective, I don’t just think in terms of Web2 vs Web3. Ultimately, customers don’t really care whether something is Web2 or Web3—they just want real value, returns, and utility. So the focus should be on providing a seamless experience for users, whether they're interacting with traditional banking systems or Web3. In that sense, bridging Web2 and Web3 is important, but again our vision is to bridge the gap between those who have access to wealth creation opportunities and those who don’t. That’s the real challenge. 

Sudeep: I think this is where it gets really interesting! Technology only works when retail investors are on board. Venture capitalists have their limitations and expectations, but for real adoption, retail investors must be invested in the technology. So Fasset, as a platform, how are you facilitating that to happen?

Umair: Absolutely. Retail adoption is crucial. We can’t build a successful platform if it doesn’t resonate with regular people who are just looking to make money, save, or create wealth. If we look at the global market, there are only a few hundred million Web3 users, which is a small fraction of the total investable population. So, at Fasset, we aim to make financial products accessible to a much broader audience, particularly people in emerging markets who don’t currently have access to wealth-creation tools.

We’ve spent a lot of time building both the technology and regulatory infrastructure to ensure that our platform can serve a global audience. The onboarding process needs to be very simple, especially for users who may not be familiar with crypto. We’re not focused on targeting the already-established 500 million Web3 users—we’re aiming to reach two billion people in markets like Morocco and Malaysia who don’t yet have access to financial products. We also make sure we’re compliant with all necessary licenses, which is critical for us to operate smoothly across borders. And to make adoption easier, we prioritize having an intuitive, user-friendly interface.

Sudeep: That’s key. So not just crypto, but you're bringing a variety of investment opportunities to your platform, right?

Umair: Exactly. We want to provide access to a full range of investible assets, not just crypto. Users should be able to explore and invest in different asset classes from one platform. But beyond that, we’re also working on new products to address real-world problems, which is what I find most exciting.

Sudeep: Can you share any upcoming developments that people may not be aware of?

Umair: Sure! We’re particularly excited about a product we’re launching next month that will help over 800,000 Filipinos in the UAE send remittances back home to the Philippines. Using blockchain, we can make these remittance transfers faster, cheaper, and more efficient. Remittances are already a huge industry, and blockchain can solve some of the pain points around speed and cost, particularly for cross-border transactions. This is a great example of how blockchain technology can solve real problems. 

Sudeep: I agree, especially when you consider how much banks profit from remittances through things like the bid-ask spread. Blockchain has the potential to completely transform that. 

Umair: Exactly. Banks currently make money by acting as intermediaries in these cross-border transactions, and that’s where the inefficiencies lie. But with blockchain, we can move money more efficiently and at a fraction of the cost, which is a game-changer for people who rely on these transfers.

Sudeep: As an ex-banker and as a person on the finance site, I can say that the biggest problem in the banking sector to move money is the KYC. How does Fasset approach KYC? 

Umair: You’re right—KYC (Know Your CustUmair) is always a challenge. But we’ve spent four and a half years building the right technology and regulatory infrastructure to make sure we comply with local laws in every market we operate in. Our KYC process is similar to what you’d experience in traditional banking—bank-grade standards. While it may feel a bit tedious, it’s a necessary step to ensure we’re compliant and that our users are protected. The good news is that once a user completes the KYC process, they can easily buy, sell, and swap assets on the platform. Blockchain’s interoperability makes that possible, which is one of its biggest strengths.

Sudeep: How do you see Fasset and traditional financial institutions interacting as you move forward?

Umair: That’s a great question. We view banks as both partners and competitors, in a sense. We are a regulated player, so we work closely with banks to enable smooth transactions for our customers. For example, to top up wallets, users need to move money from bank accounts to the platform, which requires collaboration with local banks.

But as the Web3 space evolves, we predict that banks will start embracing blockchain technology more. Telcos are already ahead in this respect, and we’re seeing some interesting developments there. Ultimately, the goal is to focus on what’s best for the end customer, and I believe that’s where the future is heading.

Sudeep: Absolutely. Solving the problem of moving money and creating wealth is one of the most impactful things technology can do. It’s exciting to see Fasset working on this.

Before we wrap up, do you have any final thoughts or things you'd like our viewers to know about Fasset?

Umair: I’d encourage everyone to check out our platform. We’re always improving and adding new types of assets and investment opportunities. Download the app, give us your feedback, and stay open-minded about the potential of new technologies.

Sudeep: That’s great advice, Umair. Thank you so much for sharing your insights.

Umair: Thank you, Sudeep. 

Sudeep: This is Umair from Fasset, and I’m Sudeep from Coin Gabbar, signing off from GITEX. Stay tuned for more updates on the exciting projects shaping the future of finance.