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Fasset
Mohammad Raafi Hossain founded Fasset in 2019 to connect emerging-market investors with tokenized infrastructure assets under Islamic finance principles.
Fasset
Fasset emerged out of Dubai in 2019, co-founded by Mohammad Raafi Hossain and Daniel Ahmed with a mandate to tokenize hard assets for distribution across high-growth markets in Southeast Asia and the Gulf. Hossain previously served as an advisor on innovation and technology to the UAE Prime Minister's Office, a role that shaped the firm's early regulatory engagement strategy. The company secured an initial $4.7 million in seed funding backed by Ripple and other venture investors, and later completed a full regulatory licensing process in Indonesia under the Commodity Futures Trading Regulatory Agency (Bappebti), as well as securing a digital asset custody license in Malaysia. Fasset's deployment strategy centers on originating real-world assets — renewable energy infrastructure, healthcare facilities, and critical metals processing — for tokenization and fractional sale to retail and high-net-worth investors in Southeast Asia. The firm announced a $500 million pipeline of tokenized assets in 2023, including a bio-refinery project in Indonesia and a UAE-based gold-backed token initiative. Unlike purely speculative crypto-native funds, Fasset operates a deliberate hybrid: it provides a fiat-to-crypto on-ramp while offering exposure to tangible, income-producing assets that comply with Islamic finance prohibitions on interest and excessive uncertainty. Its geographic footprint spans the Gulf Cooperation Council, Indonesia, and Malaysia. The firm has grown to approximately 100 professionals across Dubai, Jakarta, and Kuala Lumpur. In September 2023, Fasset launched its tokenization platform with an operational proof-of-concept involving a renewable energy project in Indonesia, marking its transition from a licensed exchange gateway to an active origination engine. Adjacent vehicles include a partnership with Mastercard to expand financial inclusion-linked digital asset products in the ASEAN region, announced in 2022. Fasset's structural architecture differs from most tokenization platforms by inverting the sourcing model — rather than digitizing assets owned by large institutions, it originates primary infrastructure projects within Islamic finance frameworks and builds retail distribution into the deal structure from inception. The firm also holds a unique regulatory posture: a dual-license model that treats crypto exchanges and real-world asset tokenization as distinct, regulated activities, a configuration designed to survive the post-FTX jurisdictional fragmentation of digital asset regulation.
General information
Firm type
Asset Manager
Year founded
2019
AUM
Undisclosed
Location
Region
Middle East
Country
United Arab Emirates
City
Dubai
Corporate office
Dubai, United Arab Emirates
Additional offices
Jakarta, Indonesia · Kuala Lumpur, Malaysia
Principals
Mohammad Raafi Hossain
CEO & Co-Founder
Daniel Ahmed
COO & Co-Founder
Sector focus
Frequently asked questions
Who runs investment decisions at Fasset?
CEO Mohammad Raafi Hossain and COO Daniel Ahmed lead investment origination and structuring. Hossain's background includes serving as a UAE government innovation advisor and as a technology coordinator for the United Nations, while Ahmed brings operational experience from emerging-market fintech rollouts. The firm has not publicly disclosed a dedicated CIO or investment committee structure.
How does Fasset source its underlying assets for tokenization?
Fasset originates its own pipeline rather than tokenizing assets owned by third parties. The firm focuses on infrastructure projects in Southeast Asia and the Gulf — primarily renewable energy, healthcare, and metals processing — that fit Islamic finance compliance requirements. In 2023, it announced a $500 million pipeline including a bio-refinery in Indonesia and a UAE-based gold-backed token.
Is Fasset a cryptocurrency exchange or an asset manager?
Fasset operates across both categories. It holds a digital asset exchange license in Indonesia and a custody license in Malaysia, providing fiat-to-crypto on-ramp services. However, its core business is originating and tokenizing real-world assets for fractional sale — functioning more like a primary issuance and distribution platform than a secondary trading venue.
How does Fasset's Islamic finance orientation affect its investment structures?
All tokenized assets must avoid riba (interest), gharrar (excessive uncertainty), and investment in prohibited sectors. Fasset structures its offerings as asset-backed instruments, typically involving income-producing real assets like renewable energy facilities or commodity-backed tokens, rather than debt-based or speculative derivative structures.
Which regulatory licenses does Fasset hold?
Fasset is licensed as a digital asset exchange by Indonesia's Commodity Futures Trading Regulatory Agency (Bappebti) and holds a digital asset custody license from Malaysia's Labuan Financial Services Authority. The firm has also engaged with the Dubai Virtual Assets Regulatory Authority, though no UAE operating license has been publicly confirmed as finalized.
Does Fasset participate in fund commitments or only direct deals?
Fasset's public-facing model centers on direct origination and tokenization of specific assets for distribution to retail and high-net-worth investors. The firm has not publicly disclosed a fund-of-funds or external manager commitment program. Its partnership with Mastercard and early backing from Ripple suggest a venture investment component, but the core operating model is direct deal origination.
What is Fasset's known posture on co-investments alongside external GPs?
Fasset has not publicly disclosed a co-investment program alongside third-party GPs. Its model is built around proprietary origination and distribution, with institutional partners like Mastercard and Ripple involved as strategic collaborators rather than co-investors in the fund-of-funds sense. The tokenization platform itself enables fractional participation, which substitutes for traditional LP structures.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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