Breaking: Ripple Ally SBI Holdings Invests In UAE Stablecoin Payments Firm At $1B Valuation

SBI Holdings has made an additional investment in UAE-based stablecoin payments firm Fasset, valuing the company at $1 billion based on the share acquisition price. The move follows an earlier strategic investment by the Ripple ally in May 2026 and signals an expanded partnership that will include plans to convert Fasset into an equity-method affiliate after completion of its Series C funding round through warrant exercises.

"Fasset’s vision aligns with the direction that the SBI Group is aiming to realize through digital finance," said SBI Holdings Chairman and President Yoshitaka Kitao, calling Fasset a potential "financial bridge connecting Japan and high-growth markets around the world."

Context and transaction details

The additional capital from SBI comes as Fasset positions itself as a provider of remittance, payment and investment services built on stablecoins across Asia, the Middle East and Africa. The company says its funds system interoperates with various blockchain networks and connects to banking corridors in international markets, while providing thousands of wallets in over 100 countries and regions.

Under the expanded partnership, SBI and Fasset are in talks to jointly launch a digital bank in Malaysia. The two firms will also share tokens issued by Fasset and collaborate on developing financial services that leverage stablecoin infrastructure. SBI Group subsidiary SBI Remit has already signed up with Fasset to work on next-generation global remittance infrastructure.

• Investment: Additional undisclosed funding by SBI Holdings into Fasset
• Valuation: $1 billion based on the most recent share acquisition price
• Planned corporate change: SBI aims to make Fasset an equity-method affiliate after Series C via warrant exercises
• Commercial plans: Joint digital bank in Malaysia; shared token issuance; collaboration on remittances and payments
• Geographic focus: Services aimed at Asia, Middle East and Africa with wallets in 100+ countries

Company perspectives

Fasset CEO and Co‑Founder Mohammad Raafi Hossain described SBI's lead role in the funding as meaningful for the company, saying SBI leading the funding round has "great significance to Fasset." He added that both organizations share the conviction that "finance must create tangible value for the people and communities it serves."

The strategic alignment with SBI underscores the Japanese group's ongoing focus on digital-asset financial services and cross-border payments. SBI has a known partnership history with Ripple, and this latest investment further connects the group to stablecoin-based payment rails and tokenized financial services in emerging markets.

Outlook

With SBI planning to formalize Fasset as an equity-method affiliate and the two companies exploring a Malaysia-based digital bank, the partnership could accelerate stablecoin adoption for remittances and payments across several high-growth corridors. If executed, shared token issuance and integration with SBI Remit's remittance infrastructure would aim to lower frictions in cross-border transfers, particularly where traditional banking access is limited. The next milestones to watch are the completion of Fasset's Series C round, the exercise of warrants that would change the accounting relationship, and regulatory and operational steps to launch the proposed digital bank.