What happened
- Specific facts/numbers: Fasset said it raised $68 million in Series C funding at a $1 billion valuation; the company said this followed a $51 million Series B earlier in 2026, taking its 2026 fundraising to $119 million.
- Institutions involved: The round was led by Japan’s SBI Group; Fasset describes itself as a stablecoin-powered Islamic bank/neobanking platform and says its network connects banks, telcos, payment providers and liquidity providers.
- Regulatory/technical context: Fasset said the new capital will support expansion of Own Network, which it describes as a regulated financial network for cross-border settlement across international markets using stablecoin-based infrastructure.
- What to watch next: Watch whether Fasset converts the new funding into further regulated network expansion across corridors tied to Japan, Malaysia and the UAE; beyond that, no specific next milestone was identified in the read materials.
Why it matters
The deal signals continued investor backing for stablecoin-based cross-border payment infrastructure that aims to connect regulated financial institutions rather than operate as a standalone crypto product.
HKMA Relevance
Indirect: The story points to growing regional build-out of regulated stablecoin settlement rails in Asia and the Middle East, an area relevant to Hong Kong’s interest in next-generation cross-border payments infrastructure.