FASSET® Partnership Folders
19 · 05 · 2026

Eight live
partnerships.
One network.

A snapshot of the conversations, briefs, and structures Fasset is moving forward across the SBI ecosystem and beyond — what each one is, where it stands, and what it unlocks.

8
Active Folders
$6B
2025 Volume
125+
Countries
500K
Users
// The map

Four tracks. Eight folders. One ecosystem.

Joint Venture
Fasset × SBI JVGlobal stablecoin bank →
SBI Direct
SBI RemitRemittance hub → SBI OnchainTokenized RWAs → SBI Global AMBTC ETF Türkiye →
SBI Portfolio
B2C2Liquidity backbone → TangemHardware + banking → M-KOPAAfrica BaaS →
Strategic Enterprise
ETGAfrican trade settlement →
// The folders

Open any folder to see the brief inside.

FOLDER · 01 MOU + Active

SBI Remit

Japan as the central liquidity node of a programmable, any-to-any global remittance network — stablecoin layer invisible to the end customer.

$2B+
Monthly Flow
99%
Settle / Mins
−90%
vs Traditional
Any country → Japan → Any country

How it works

01 Local fiat in Sender country deposits in local currency
→
02 Stablecoin routing Conversion + settlement via OWN Network through Japan
→
03 Local fiat out Off-ramp into recipient market in local currency

Who brings what

SBI Remit
  • Regulated remittance infrastructure
  • Fiat endpoints across key markets
  • Trusted global remittance brand
Fasset · OWN
  • Stablecoin routing layer
  • Regulated global on/off ramps
  • Programmable settlement rails
Together
  • Largest stablecoin↔cash network
  • Japan as global liquidity hub
  • Fixed corridors → any-to-any

What it unlocks

Faster settlement, less FX fragmentation
No new licences, no UX change
Treasury + institutional asset flows on top
Incumbent upgrade — not a newcomer play

Next steps

MOU signing in progress
Integration planning
Delivery rollout in key markets
FOLDER · 02 Pre-NDA

SBI Onchain

Co-issuance, structuring, Shariah certification, and emerging-market distribution for SBI's tokenized RWAs, stablecoins, and securities.

$200B
SBI Group AUM
JPYSC
+ USDSC
JV Stablecoins
6
EM Markets
SBI issues · Fasset structures + distributes

How it works

01 SBI issues Tokenized RWAs via SBI Digital Markets + Strium L1
→
02 Fasset structures Localization + Shariah certification
→
03 Shared economics Distribution into 125+ emerging markets

Who brings what

SBI Onchain
  • Institutional tokenization stack (SBI DM)
  • JPYSC + USDSC via Startale
  • Strium L1 + Chainlink CCIP
Fasset
  • EM structuring + Shariah certification
  • Bank licences across UAE / IDN / TUR / EU / PK / MY
  • Native RWA issuance on OWN
Together
  • Co-issuance margin (not distribution fee)
  • First Shariah Japan-issued RWAs
  • New AUM line across Muslim-majority markets

What it unlocks

Co-issuance economics across SBI ecosystem
Same parent · same regulatory narrative
Japan tokenized stack → globally distributed
Structuring partner — not downstream rail

Next steps

NDA signing & alignment call with SBI Holdings
Joint asset selection + co-issuance structure
Pilot scope, target asset, distribution markets
FOLDER · 03 Pre-engagement

B2C2

Institutional liquidity backbone — tighter spreads, zero-friction stablecoin swaps via PENNY, all inside the SBI ecosystem.

$2T+
Trading Volume
$1B+
Daily Stablecoin
6
USD Stables
Fasset flow → B2C2 → best execution

How it works

01 Fasset order Multi-corridor, multi-stablecoin flow
→
02 B2C2 routing PENNY swaps + cross-venue best execution
→
03 Settlement Institutional pricing, no UX change

Who brings what

B2C2
  • 24/7 institutional streaming liquidity
  • PENNY zero-fee stablecoin swaps
  • Regulated UK · US · EU · JP · SG
Fasset
  • On/off-ramps across 6 regulated markets
  • ~500K users, 2M+ wallets, 125 countries
  • Programmable settlement via OWN
Together
  • Tighter spreads per transaction
  • Zero-cost switching across 6 stablecoins
  • Direct path from app → deep liquidity

What it unlocks

Lower per-tx cost as flow scales
USDT · USDC · USDG · RLUSD · PYUSD · AUSD
Better pricing across jurisdictions
Enterprise-grade B2B execution

Next steps

SBI guidance on commercial intro path
NDA + technical scoping call
Pilot corridor + first PENNY-routed flow
FOLDER · 04 Structuring

Fasset × SBI JV

A purpose-built corridor platform: stablecoin-powered remittance + payments, eliminating pre-funded nostros and cutting transfer cost 60–80%.

5
Markets
$100B+
Corridor Vol
−60-80%
Transfer Cost
Labuan hub · 5 country subsidiaries

Target markets

🇮🇩 Indonesia
JP → IDN · UAE → IDN
USD 14B/yr
🇭🇰 Hong Kong
HK ↔ ASEAN · HK → Gulf
USD 12B/yr
🇵🇰 Pakistan
UAE/UK → PAK
USD 27B/yr
🇹🇷 Türkiye
GCC → TUR · EUR → TUR
USD 3B/yr
🇦🇪 UAE
UAE → ASEAN / South Asia
USD 44B/yr

JV structure

SBI
  • Capital + balance sheet
  • Distribution network
  • Institutional relationships
Fasset
  • Existing licences across 5 markets
  • OWN Network stablecoin rails
  • Operational + product expertise
Together
  • Labuan Digital Bank (hub)
  • 5 country subsidiaries
  • Foundation for full digital bank

Why this works

60–80% lower transfer fees vs incumbents
Settlement seconds, not days
No pre-funded nostros
Phase 1 → full digital bank by Phase 2/3

Timeline

May / Jun 2026  ·  Structure agreement in principle
Jul / Aug 2026  ·  Term sheet + shareholder agreement
Sep 2026  ·  Holding Co. incorporation
Q3 2026  ·  LFSA prior approval
Q4 26 / Q1 27  ·  Execution
FOLDER · 05 Concept

Tangem

Regulated banking, on/off-ramps, and Shariah-compliant infrastructure beneath Tangem's hardware in markets it cannot operate alone.

6M+
Cards Shipped
90+
Blockchains
14.1K
Tokens
Hardware: Tangem · Banking layer: Fasset

How it works

01 Tangem ships Hardware wallet + Tangem Pay (Visa)
→
02 Fasset banks KYC, IBAN, on/off-ramps, Shariah compliance
→
03 Emerging markets Card = full bank account in Fasset jurisdictions

Who brings what

Tangem
  • Hardware + EAL6+ secure element
  • Tangem Pay + Visa rail
  • 170-country distribution
Fasset
  • Licences across UAE / IDN / TUR / EU / PK / MY
  • KYC, AML, IBAN issuance
  • Shariah-compliant product suite
Together
  • Tangem hardware = banked product in EM
  • BaaS revenue per card issued
  • Co-branded distribution

What it unlocks

BaaS revenue per Tangem card in EM
FX + stablecoin settlement margin
Fasset = EM gateway for Tangem
Co-branded distribution into 500K user base

Next steps

Open dialogue with Tangem product + commercial via SBI
BaaS commercials — per-card fee, FX share
Pilot markets + first co-issued cards
FOLDER · 06 Concept

M-KOPA

Banking-as-a-Service rails beneath M-KOPA's planned digital bank — Africa's deepest underbanked distribution network on Fasset infrastructure.

5M+
Active Users
$1B+
Credit Extended
5
African Markets
M-KOPA owns user · Fasset banks them

How it works

01 M-KOPA users 5M+ across KE, UG, NG, GH, ZA
→
02 Fasset BaaS rails Stablecoin accounts, IBAN, FX, settlement
→
03 Digital bank White-labeled under M-KOPA brand

Who brings what

M-KOPA
  • 5M+ users + 10,000 sales agents
  • Established credit underwriting
  • Brand + customer relationship
Fasset
  • BaaS: stablecoin accounts, IBAN, ramps
  • Cross-border settlement via OWN
  • Compliance + Shariah modules
Together
  • M-KOPA digital bank without build cost
  • BaaS + FX + settlement economics
  • Fasset = Africa BaaS layer

What it unlocks

5M+ Africa userbase distribution for Fasset
M-KOPA scales without infrastructure CapEx
Per-account, FX, stablecoin tx economics
Stablecoin-native BaaS for sub-Saharan Africa

Next steps

Open initial dialogue via SBI Ven Capital
Commercial structure — per-account fee, FX, tx
Pilot market + customer cohort
FOLDER · 07 Joint Proposal

SBI Global Asset Mgmt

Türkiye's first regulated Bitcoin ETF — institutional-grade BTC exposure for a high-inflation market and a Muslim-majority population.

~$9.5B
24mo AUM Pot.
$15B/mo
TR Market Size
First
In Muslim World
SBI structures · Fasset on/off-ramps + lists

ETF structure

ETF Lead — SBI GAM
  • Structuring + custody framework
  • Regulatory engagement with TR authorities
  • Institutional-grade segregated custody
Infra — Fasset
  • USDT-based on/off-ramps
  • Local banking integration
  • Listing venue
Product
  • Underlying: BTC (indexed)
  • Retail + institutional access
  • Compliant inflation hedge

Why Türkiye, why now

High-inflation market needs hedge instruments
Reduces capital flight to offshore venues
Positions TR as MENA digital finance hub
Aligned with Islamic-finance principles

Market sizing

US spot BTC ETFs reached ~$62B AUM by early 2025
US crypto market trading ~$200B/mo · TR ~$15B/mo
Applying ~1/13 ratio → ~$9.5B AUM potential over 24 months
FOLDER · 08 Concept

ETG

Stablecoin settlement rail for one of Africa's largest agri-conglomerates — replacing correspondent banking on real commodity flows.

45+
Countries
9K+
Employees
400+
Warehouses
T+2/T+5 → seconds, no trade-flow change

How it works

01 African trade flow Commodity payments across 45+ countries
→
02 Stablecoin rail USDT via Fasset OWN, regulated ramps
→
03 Instant settlement Same counterparties, same compliance

Who brings what

ETG
  • Real-economy commodity flow
  • Treasury ops in SG · MU · UAE
  • Recurring multi-currency settlement
Fasset
  • USDT on/off-ramps across 6 markets
  • Programmable settlement on OWN
  • Direct API into treasury workflow
Together
  • T+2/5 compressed to seconds
  • FX + correspondent cost reduction
  • Enterprise reference case

What it unlocks

Settlement seconds, not days
FX + correspondent cost reduction
Working capital freed up at scale
Enterprise reference for EM trade settlement

Next steps

Initial conversation with ETG treasury (SG or UAE)
Pilot corridor + target volume agreement
Pilot scope + success metrics on selected flow
// Live tracker · Folder 01

SBI Remit — where each open question stands.

16
Open Questions
8
In Progress
7
To Be Confirmed
1
Not Started
01

Commercial Framework

5 questions · Revenue, costs, infrastructure
2 prog 3 tbc
Have we understood the full economics of the entire value chain?
In Progress
Not fully. Most Fasset products are delivered through third-party providers and carry high unit costs at current volumes. Economies of scale expected as volume grows but not yet proven. Prerequisite: end-to-end user journey mapping per product and corridor.
↳Internal-only — user journey mapping (Section 04) must complete first.
Has a fee-sharing or margin-split model been tabled?
In Progress
Option 1: 50/50 economic profit split after costs recouped by both parties. Option 2: Each party maintains separate margins, not intermingled (cleaner, but typical vendor relationship). Given Fasset cost base, gross-revenue split is not viable. Concession lever available but not opening.
↳Do not lead with the concession.
Who funds the initial setup — SBI Remit, Fasset, or shared?
TBC
Dependent on revenue/profit split. If profit shared from common pool, so should cost. If Option 2, each bears own cost.
↳Jawad to provide cost estimate.
Are ongoing costs (liquidity, monitoring, support) in the model?
TBC
Same as above — factor into Section 01 economics.
Has a cost estimate been produced for the technical integration?
TBC
Not yet produced. Jawad to lead technical workstream and provide estimate before Thursday.
↳Needed before Thursday call.
02

Regulatory & Compliance

4 questions · FSA, licensing, jurisdiction
1 prog 3 tbc
Who will manage the FSA relationship?
In Progress
Starting position: SBI Remit manages FSA engagement given existing licence in Japan. If external law firm required, costs shared 50/50.
↳Releasing MOU may prompt FSA to seek a briefing — be prepared.
Has any preliminary or informal FSA consultation taken place?
TBC
Unknown from Fasset's side. To confirm with SBI Remit on Thursday.
Does SBI Remit's MTO licence cover stablecoin-denominated flows (invisible to customer)?
TBC
Critical to confirm before finalising product scope — particularly for JPYC flows.
Does Fasset need a separate licence to operate as settlement intermediary in Japan?
TBC
Fasset operates as infrastructure layer, invisible to end customer. Regulatory treatment under Japanese law unclear. May require shared external counsel engagement.
03

Governance & Decision Making

2 questions · Committees, escalation
2 prog
What is the composition of the oversight committee?
In Progress
~8 people on initial SBI Remit call but departments/seniority/authority unknown. Starting position: joint steering committee bi-weekly with clear representation each side. Need to define: reps per party, seniority, decision thresholds, named senior sponsor each side post-MOU.
↳SBI: Project Lead (C), Legal/Compliance, Product, Engineering, Finance · Fasset: Project Lead (C), PM, Product, Engineering, BA
Clear terms on escalation and governance materials
In Progress
Recommendation: tiered escalation (working team → steering committee → CEO-level) with defined timelines. Escalation thresholds defined in the MOU to avoid ambiguity post-signing.
04

Customer Experience, Product & Marketing

3 questions · Brand, comms, user journey
2 prog 1 not started
Does SBI Remit retain full ownership of the customer brand & UX?
In Progress
SBI Remit leads all customer-facing brand and UX — Fasset invisible to end consumer. Fasset position: mutual approval rights from both parties before any partnership-related marketing or product change goes live. Standard MOU clause. Discuss either marketing initiatives or volume commitments.
↳Include as standard clause; specific marketing in a separate annex.
Who controls joint marketing & external announcements?
In Progress
Both parties approve external announcements before release. For in-app product marketing: Fasset needs formal mechanism to influence promotion of joint products (e.g. card). These are push products — without active SBI Remit promotion uptake will be negligible. Starting position: joint product committee with authority to request in-app promos and review marketing performance. SBI Remit's 350k-merchant ecosystem is also a JPYC on-ramp lever.
↳Request marketing programme for first 6 months.
Have end-to-end user flows been documented for each corridor & product?
Not Started
Not yet. Prerequisite for most commercial and governance answers. Action: Fasset to produce high-level user journey maps covering demand-side products (card, investments, VAS brokerage, bank accounts), receiver-side products, JPYC on-ramp via SBI merchant network, and corridor remittance flows (PH, ID, VN, KH).
↳Both parties to agree who does what at each step.
05

Product Scope & Corridors

2 questions · Offering, geography
1 prog 1 tbc
What is Fasset's proposed product offering within the SBI Remit ecosystem?
In Progress
Starting position (to confirm): (1) Demand-side / receiver products: card, investments, savings, VAS brokerage, bank accounts in Fasset markets. (2) JPYC stablecoin on-ramp — early-mover via SBI merchant ecosystem. (3) Corridor remittance — focus on corridors not served by SBI Remit's existing partners. Do not propose replacing Ripple outright (SBI holds ~9%, politically complex). Leave door open for one corridor as PoC.
↳Unique value-add: receiver-side products + JPYC — not head-on Ripple replacement.
Which corridors are in scope and what is Fasset's role in each?
TBC
SBI Remit primary corridors: Philippines, Indonesia, Vietnam, Cambodia. Fasset starting position: take on receiver-side product layer (card, investments, JPYC on-ramp) while leaving remittance transfer to SBI Remit's existing partners in the first instance. Open/under-served corridors to be identified jointly.