KUALA LUMPUR, April 22 — Digital asset infrastructure provider Fasset has inked a Letter of Intent (LOI) with Malaysia Building Society Berhad (MBSB) to introduce innovative digital asset solutions to the bank’s customers.

Fasset CEO Rafii Hossain said the agreement entails both companies teaming up to enhance offerings through an online banking platform featuring a fully regulated digital asset investment proposition.

"I would say MBSB is a very progressive bank with new leadership, both the new chairman and the new CEO, who really want to drive the bank and the group forward.

"When it comes to investing, we should be at the cutting edge of our joint customer base between Fasset and MBSB in this market and should have access to a diversified pool of assets from around the world,” he told Malay Mail when met at KL20 Summit 2024 here today.

He said the collaborative effort with MBSB is made to provide an experience for both clients and Malaysians at large.

Rafii said both Fasset and MBSB have found common ground due to their shared commitment to Shariah compliance and their shared perspective on finance, emphasising the importance of asset backing and risk sharing.

"The current MBSB customers will have the opportunity of putting their disposable income in tokenised goals, digital assets, and eventually in tokenised public equities and tokenised sukuk.

"Eventually, the plan is that, with MBSB, we also want to build a spin-off app where we do not just have MBSB clients, but also any Malaysian who wants to participate in this,” he said.

He further explained that blockchain eliminates many intermediaries and saves time spent on tasks like signing documents and visiting branches, as well as to make investments on one’s behalf.

Fasset collaborates closely with various corporate entities such as telcos, digital banks, and fintechs, expanding its reach and driving digital transformation across industries.

In 2023, Fasset partnered with Indosat Ooredoo Hutchison to launch the world’s first embedded digital asset exchange in a telco app, reaching over 100 million users in Indonesia and accumulating a waitlist of over a million customers.

Additionally, Fasset teamed up with Mastercard to provide a crypto card to users in the region.

With a substantial licensing portfolio in emerging markets like Malaysia, Indonesia, the United Arab Emirates, Bangladesh, Pakistan, and Türkiye, Fasset is licensed by the Labuan Financial Services Authority in Malaysia and is in the process of obtaining a mainland RMO DAX license through the Securities Commission Malaysia.