The Central Bank of Bahrain (CBB) authorised the UK company Fasset to test its tokenisation solutions of hard assets.
According to a press release shared with AMBCrypto, the FinTech firm will conduct the test in Bahrain’s FinTech Regulatory Sandbox.
This step is the first of its kind in the world, according to the CBB.
To clarify, Fasset is a provider of comprehensive ecosystem dedicated to merging digital asset innovations with the real economy.
Additionally, it supplies blockchain-powered platforms to finance sustainable infrastructure. It has attracted initial investments of $4.7m from supporters in the United Arab Emirates, Saudi Arabia, Bahrain, Kuwait, and Singapore.
The firm aims to deal with market variables by developing solutions to bridge the gap in the sustainability of infrastructure financing, which the World Economic Forum expects to reach $15trn by 2040. Upon achieving this goal, it launched two of its main products, namely Fasset Enterprise Platform (FEP) and Fasset Exchange (FEX).
The two products aim to direct investors to assets that were previously illiquid or difficult to access. Moreover, it enables asset owners to bypass high-cost brokers to list their assets directly on the exchange, quickly access liquidity and network with a wider base of investors with common interests.
Additionally, FEP provides a coding service for sustainable infrastructure assets. It “hashes” or splits large assets into smaller “parts” or tokens using blockchain technology. The FEX platform enables its clients to trade these tokens.
Comments on Bahrain’s Decision
“Investing in innovation is an enabler and a major driver of economic growth. Bahrain’s sophisticated regulatory approach provides an attractive environment,”Dalal Buhejji, Senior Manager of Financial Services at the Bahrain Economic Development Board
Meanwhile, Product Manager at FinTech Fasset Aziz Zainuddin said the CBB has fostered a unique and supportive environment for startups in the region to thrive and establish influential businesses in the future.
This is a testament to the progress that the Ethereum developer community has made to gain the trust of legislative organizations around the world.Product Manager at FinTech Fasset Aziz Zainuddin
Moreover, it is a testament to the pioneering and pro-innovation spirit in Bahrain, where ideas are given the opportunity to address the world’s most pressing issues based on the latest technologies.