1. Startups

Crypto Platform “Fasset” Gets Mastercard for Expansion to Indonesia

Fasset enters Indonesia after receiving series A funding in April 2022

Middle Eastern crypto platform "Fasset" announced a partnership with Mastercard to expand its services in Indonesia. This collaboration aims to expand financial inclusion in the country and expand its local economic opportunities.

Currently there are more than 92 million Indonesians who do not have a bank account and this gap will be bridged by the two companies to provide better access to digital financial services. The partnership between the two companies aims to lower the barriers to digital finance and promote greater opportunities to benefit from the use of emerging financial services.

“Ownership of assets is the strongest way to strengthen livelihoods and a healthy economy. The digital asset-based remittance corridor can unleash a new wave of socio-economic prosperity through the unique product offerings that we are building," said Country Director of Fasset Indonesia Hendra Suryakusuma in an official statement as quoted from Cointelegraph.

He also believes that crypto adoption in countries like Indonesia will have a significant impact on the wider crypto ecosystem. This will be a reference for other countries to pursue progress and change the pace of economic growth. “The implications for the industry are the greater legitimacy of crypto assets, their use cases and application areas,” he further explained.

Fasset allows users to buy, sell, send and store digital assets and tokens. The startup raised $22 million in Series A funding led by Liberty City Ventures and Fatima Gobi Ventures in April this year. Since then, Fasset has ambitions to expand its offerings to Indonesia and Pakistan.

Indonesia currently leads in ownership crypto currency worldwide in terms of percentage adoption. According to the Global State of Crypto Gemini 2022 report, as many as 41% of participants surveyed in Indonesia own digital assets. The island nation also leads in crypto adoption among women, who make up more than half of the country's crypto investors.

“With more and more people relying on digital assets and technology to be resilient, there is a need for key players in the public and private sectors to come together to create solutions that can lead to new opportunities and solutions for broader financial inclusion,” added the Country Manager. Mastercard Indonesia Navin Jain.

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Mastercard has been actively expanding its services in the crypto space. In addition to Web3, it recently announced the launch of The Belle Block, a community group focused on empowering women and non-binary individuals to use Web3 technology and cryptocurrencies. Also, partnering with various NFT marketplaces to allow cardholders to purchase NFT directly with fiat currency, eliminating the need to purchase cryptocurrency before making an NFT purchase.

Licensed crypto asset physical trader

In Indonesia, the increasing number of crypto investors has encouraged the emergence of new companies. According to CoFTRA data, there are 24 companies that have obtained a license from CoFTRA. They are:

1PT Grows Together with NanoNanovest
2PT Amazed Technology IndonesiaWonderful
3PT Aset Digital Blessingtokocrypto
4PT Asset Digital Indonesiaincrypto
5PT Bumi Santosa BrilliantPluang
6PT Cipta Coin DigitalCoinku.id
7PT Coinbit Digital IndonesiaCoinbit.id
8PT Galad Coin IndonesiaGalad.id
9PT. Indonesian Crypto WarehouseGudangKripto.id
10PT Indodax National IndonesiaIndodax
11PT Indonesia Digital ExchangeDigitalExchange
12PT Crypto Maksima CoinMaximum Crypto
13PT Luno Indonesia LTDLuno
14PT Mitra Sukses CryptoCrypto Success
15PT Pantheras Teknologi InternasionalPantheras
16PT Crypto Asset TraderCrypto Asset Trader
17PT Pintu Where have you beenPintu
18PT My Account Dotcom Indonesiamy account
19PT Tiga Inti UtamaTriv
20PT Triniti Investama BlessingBitocto
21PT Upbit Exchange IndonesiaUpbit
22PT Utama Digital Asset Indonesiabittime
23PT. Ventura Koin NusantaraVonix
24PT Zipmex Exchange Indonesiazipmex
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