Key facts
- SBI Holdings, a partner of Ripple, has invested in UAE-based stablecoin payments firm Fasset.
Japanese financial services giant SBI Holdings, a partner of Ripple, has invested in UAE-based stablecoin payments firm Fasset, valuing the company at $1 billion. The investment aims to strengthen their partnership and explore new ventures, including a potential digital bank in Malaysia.
This investment signifies a growing trend of traditional financial institutions partnering with and investing in digital asset firms to expand into new markets and services, particularly in cross-border payments and emerging economies.
SBI Holdings, a key partner of Ripple, has made a significant investment in Fasset, a United Arab Emirates-based stablecoin payments firm. This latest injection of capital values Fasset at $1 billion. The investment follows a previous strategic investment in May 2026 and underscores SBI Group's commitment to digital-asset financial services and cross-border payments.
Fasset provides remittance, payment, and investment services utilizing stablecoins across Asia, the Middle East, and Africa. Its platform connects various blockchain networks with international banking corridors and offers thousands of wallets in over 100 countries. SBI Holdings aims to strengthen its partnership with Fasset and plans to convert the firm into an equity-method affiliate after its Series C funding round is completed through warrant exercises.
Discussions are also underway between SBI Holdings and Fasset regarding the potential launch of a digital bank in Malaysia, where they would share Fasset-issued tokens. Furthermore, SBI Remit, a subsidiary of SBI Group, has already partnered with Fasset to develop next-generation global remittance infrastructure.
SBI Holdings Chairman and President Yoshitaka Kitao stated that Fasset's vision aligns with SBI Group's digital finance objectives and that Fasset can serve as a "financial bridge connecting Japan and high-growth markets around the world." Fasset CEO and Co-Founder Mohammad Raafi Hossain highlighted the significance of SBI leading the funding round, emphasizing their shared belief in finance creating tangible value and combining SBI's financial expertise with Fasset's stablecoin infrastructure to serve areas with limited traditional banking access.