Page 91 - IBT Sept 2021 (1)

MOHAMMAD
RAAFI HOSSAIN
Co-Founder and CEO
Fasset

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

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