Fasset Just Joined the Unicorn Club
Hey Digital Banking Fanatic!
A stablecoin neobank just became a unicorn. 🦄
Fasset has hit a $1 billion valuation after raising $68 million from Japan’s SBI Group. Only three months after its previous funding round.
And this isn’t just another crypto valuation story.
Fasset says it now processes more than $40 billion in annualized transactions across 125 countries, while revenue has grown roughly sixfold over the past year.
A big driver? Stablecoin payments and settlement.
But here’s the interesting part: customers don’t necessarily know they’re using stablecoins. They can move money between bank accounts, cards, and currencies, while stablecoins quietly handle settlement behind the scenes.
Now, with SBI’s financial network behind it, Fasset wants to expand those rails across Japan, Asia, and emerging markets.
Stablecoins were supposed to disrupt banks.
What if they end up powering them instead?
Now, let’s see what else is happening in digital banking 👇 See you tomorrow!
Cheers,
INSIGHTS
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NEWS
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🇦🇪 Stablecoin neobank Fasset lands a $1 billion valuation, raising $68 million with backing from Japan's SBI. CEO Mohammad Raafi Hossain said revenue has grown six-fold as stablecoin payments and settlement expand.
🇺🇸 Brazilian bank Itaú wins preliminary US charter approval, securing OCC permission to establish Itaú Bank, National Association. The national bank would serve wealthy clients in the United States.
🇹🇭 Thailand's first virtual bank Clicx Bank restarts its digital loan service after a brief pause caused by high-risk applicants. The bank now requires borrowers to consent to alternative data access from three partners to improve approval odds.
🇷🇴 ING Bank launches a new option allowing customers to save and invest in mutual funds simultaneously, combining both goals within a single product. Customers can split contributions between savings and mutual fund investments in one place.
🇦🇪 Ajman Bank launches AB ONE CORP, its new digital banking platform for Corporate and SME clients. The platform offers bulk payment initiation, streamlined approval workflows, and digital onboarding for faster client access. Advanced security controls and flexible reporting tools are also included.
🇪🇬 Egypt's central bank approves customer verification rules for online banking, enabling remote identity checks through a new digital financial identity platform. Governor Hassan Abdalla said it will allow more citizens to open accounts without visiting branches.
🇰🇼 NBK becomes the first Kuwait bank to offer fully digital onboarding for children's accounts. Parents can open a Zeina Account entirely through the mobile app, completing KYC, document upload, and account selection without visiting a branch.
🇸🇬 DBS reports S$10 billion in tokenised payments over two years, signaling deeper investment in digital asset infrastructure. The bank expects tokenised finance spending to match traditional payments and custody budgets within two to three years.
🇮🇳 Citi and Axis Bank team up on a leveraged India dollar deposit product, targeting demand from Indian businesses and investors seeking dollar-denominated returns. Read more
🇮🇳 Slice appoints former SBI and ICICI Bank executives to leadership roles, strengthening its senior team as it scales its banking operations. The new hires bring decades of experience from India's largest public and private sector banks.
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