Page 90 - IBT Sept 2021 (1)

Gig Economy
By Imran Fahad
The
Digital Asset
Gateway
Mohammad Raafi Hossain, Co-Founder and CEO of Fasset talks about
leveraging blockchain and tokenization technology to accelerate the
financing of sustainable infrastructure across the world.
Tell us a bit more about Fasset and why
the work that you do is so important to
the progress of digital asset innovation
in South Asia?
Fasset was founded by me and my
co-founder Daniel Ahmed in 2019. We both
worked at the UAE Prime Minister’s Office
where I was an advisor on policy, strategy
and innovation mandates, while Daniel was
a senior analyst on building strategic
policies and initiatives related to artificial
intelligence. With my background in climate
change and sustainable development from
my time working with the UN, and Daniel’s
expertise in emerging technology and
fintech, our complementary backgrounds
were the founding basis of Fasset.
Inspired by the United Nations’ Sustainable
Development Goals (SDGs), we have been
leveraging blockchain and tokenization
technology to accelerate the financing of
sustainable infrastructure across the world.
We aim to raise sustainable economic
well-being and launched the world’s first
comprehensive operating system dedicated
to the ethical financing of sustainable
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September 2021
Pioneering emerging technologies has
been key to Bangladesh shedding its ‘least
developed country’ status and growing its
GDP per capita despite the onslaught of
COVID’s impact on global economies.
Bangladesh’s tech revolution was
anchored by initiatives such as digital
services to rural populations, and
centres—offering online training and
affordable internet and mobile
connectivity— bringing an increasing
number of people online. Adding to that,
just 2 years ago, the government of
Bangladesh announced a collaboration
with IBM to accelerate innovation and
boost emerging technologies such as AI
and blockchain in the country. As
Bangladesh paces ahead to its Vision 2041
goal of reaching ‘developed nation’ status,
its emphasis on technological innovation
and embracing tech disruptors will see the
country rise on the global stage.
How is Bangladesh leading the
charge for blockchain innovation in
South Asia?
With Bangladesh embracing technological
innovation and its receptiveness towards
emerging technologies, blockchain has
been singled out as a necessary disruptor
as part of the National Blockchain
infrastructure on the Ethereum blockchain, opening up access Strategy. The technology is seen as an
to digital asset ownership to fast-track raising living enabler of change and a catalyst to reach
standards for the next billion people. Vision 2041.
However, over the years in the industry, we continue to notice We have already seen Bangladesh achieve
the disproportionate distribution of sustainable investments its first blockchain letter-of-credit
across the world. Much of impact investments are funneled to transition in 2020 and introduced the
developed regions and only 32 percent of sustainable assets technology into other sectors of the
reach developing nations in Asia, Africa, Middle East and economy such as aquaculture.
South America. With an annual financing gap of US$2.5 Encouraging even greater growth in the
trillion to bridge and achieve the UN’s SDGs, more needs to be sector, the Blockchain Olympiad
done to level the playing field across the world and channel Bangladesh was launched as a platform
sustainable assets to regions that need them most. As climate promoting the exchange of ideas and
change continues to intensify in South Asia, we see the building opportunities and innovation in
benefits that digital asset innovation can bring to further the country. This is just another example
environmental goals, strengthen technological foundations of the growing position that blockchain
and boost investments in the region. has in Bangladesh’s agenda and how it
How has Bangladesh’s emphasis on technological continues to play an important role in
innovation shaped the country’s socio economic revolutionising the economy. As
progress today? Bangladesh continues to be a strong
Soon to be the 24th largest economy by the next decade, advocate for blockchain and a robust
Bangladesh’s rapid rise has made the country an emerging economy expected to outpace India in GDP
player in the global economy. In just 50 years since its per capita, the country is well-positioned
independence, Bangladesh slashed its poverty rates and lifted to influence and steer the direction of
over 25 million people out of poverty since 2000, and now blockchain innovation within the South
outpaces some of the biggest nations in the South Asia region Asia region.
to become one of the world’s fastest growing economies.
As Fasset looks to expand within the Asia region, what
are the company’s ambitions in setting foot in
Bangladesh?
Bangladesh’s strong support for blockchain innovation makes
it an important market for Fasset. As we look to build our
presence across South Asia, economies with favourable policies
and a conducive ecosystem will be vital to strengthening our
foundations as a nascent upstart. Especially since Bangladesh
has committed US$208 million to educate and upskill
graduates in distributed ledger technology and other emerging
tech, its growing talent-pool of highly-qualified professionals is
key to bolstering Fasset’s growth within the country and across
the region. We look forward to leveraging Bangladesh’s
blockchain-friendly policies and initiatives, and are excited to
contribute to its digital asset industry, to accelerate innovation
and place it on the map as a rising blockchain hub.
What’s next for Fasset?
Less than 2 years since our inception, we have already
achieved several industry firsts. We successfully completed the
first Proof-of-Concept (PoC) tokenization of a Tesla charging
unit in Bahrain to accelerate the progression, accessibility and
adoption of electric vehicles.
We were also one of the first to
launch a non-fungible token
(NFT) created in the Middle
East.
We are proud to be recognised
by authorities across the world
who continue to support our
goals of connecting more
people to digital assets. Fasset
has been backed by the Central
Bank of Bahrain to test our
solutions of tokenization of
hard assets in their FinTech
Regulatory Sandbox, and are
licensed by Malaysia’s Labuan
Financial Services Authority.
With South Asia’s favourable tech ecosystem and Southeast
Asia being home to one of the largest pools of digital asset
users in the world, we will continue expanding our footprint
within these regions to achieve our goal of reaching a billion
digital asset users. With both regions being home to some of
the largest Muslim populations in the world, yet have limited
options for Shariacompliant digital assets, both regions offer
ample opportunities for Fasset to explore untapped potentials
in the market.