Fasset has closed a $68 million Series C round led by SBI Group, bringing the digital asset firm's valuation to $1 billion. The company plans to put the money toward launching a digital bank in Malaysia and expanding its stablecoin payments business.
The Series C Round
The round was led by SBI Group, with Fasset's valuation now reaching $1 billion. The company hasn't said which other investors participated, but the size of the round signals serious backing for its next phase of growth. Fasset's plans are ambitious: a digital bank in Malaysia and a broader push into stablecoin payments.
Digital Bank for Malaysia
Fasset intends to launch a digital bank in Malaysia. That's a market with a growing fintech scene, though the company hasn't given a timeline for the bank's opening. The funding will cover the initial work, including licensing and infrastructure. How quickly Malaysia's regulators move will likely determine the launch date, but Fasset hasn't publicly set one.
Stablecoin Payments Expansion
Alongside the bank, Fasset is planning to expand its stablecoin payments offering. The company sees stablecoins as a core part of its business, and this funding is expected to accelerate that work. It's unclear which markets will see the expansion first or what specific products Fasset will roll out. The company has been quiet on details, but the direction is clear: more stablecoin payments, more geographies.
The next step for Fasset is turning that $68 million into a working bank and a broader stablecoin network. No public date has been set for either, but the money is now in the bank.
