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Fasset, NEC Payments to pilot tokenising Tesla Supercharger network

Staff Reporter /Manama
reporters@khaleejtimes.com Filed on May 4, 2021
Mohammad Raafi Hossain, Chief Executive Officer, Fasset. — Supplied photo

Development aims to accelerate the adoption of electric vehicles and greater interest in green industries in the Middle East


Fasset, a provider of a tokenisation and financing platform for sustainable infrastructure assets, and authorised to participate in the Central Bank of Bahrain’s (CBB) Regulatory Sandbox, has announced its Proof-of-Concept (PoC) tokenisation of a Tesla Supercharger charging unit, a decisive step in the progression of the electric vehicle (EV) industry in the Middle East.

The tokenisation project which is part of Fasset’s Regulatory Sandbox testing in Bahrain, is being run in collaboration with Bahrain-headquartered NEC Payments B.S.C., a digital payment technology company leading the way in the digital transformation of the region’s payment sector and the development of disruptive enterprise and consumer digital financial services products.

As part of the first tokenisation of a Tesla charging unit, Fasset has created 10 “tokens'' — digital representations of fractional ownership — as part of the pilot. These tokens grant holders access to a wall charger at discounted rates — as co-owners in the electricity supplied by the unit. The 10 minted tokens have been distributed to Bahraini residents, who are participating as the Sandbox pilot volunteer customers, and may be bought, sold, or traded just as access tokens for any other service.

Mohammad Raafi Hossain, Chief Executive Officer, Fasset, and former Advisor to the UAE Prime Minister’s Office, said: “As this milestone marks the first Proof-of-Concept tokenisation of a hard asset on Bahraini soil—the Fasset team is incredibly proud to showcase the potential of Bahrain’s emerging technology sector. As we continue to support the development of green technologies, including EVs, and digital assets across the Gulf Region, we believe that combining the incredible innovation happening in these two industries will play an important role in creating a more sustainable future. We are excited to have the opportunity to work with like-minded partners, such as NEC Payments, in pursuit of these goals.”

NEC Payments is a strategic partner to major brands such as MasterCard, Visa, AppTech Corp, and STC Bahrain, and now adds Fasset to their impressive list of partners. The company creates solutions for payment transformation, streamlining financial management and payments for businesses and consumers. With their MasterCard and Visa certified card, virtual, and mobile payment transaction processing and cloud-native technology, the company is bridging the gap between legacy payment systems with modern digital financial services, while enhancing security, performance and availability.

Of the 10 minted tokens, one token has been converted into a credit-and-use non-fungible token (NFT). The NFT token, which represents one of the first NFTs to be created in the Middle East, has been given to NEC Payments Co-Founder and Chairman, Fuad Nonoo to commemorate this milestone.

Speaking on NEC Payments’ partnership with Fasset and as an NFT holder of one of the 10 minted tokens, Fuad Nonoo said: “This is a significant moment for the Middle East’s greentech sector, providing a timely and salient use case of tokenisation technology with real consumer and cultural impact. Drawing on our experience at NEC Payments of innovating in the digital financial services sector, we are excited to support the emergence of new forms of digital assets globally, from cryptocurrencies to NFTs.”

Fasset has built the world’s first comprehensive ecosystem dedicated to merging digital asset innovations with the real economy. Overseeing the entire process of asset tokenisation, Fasset focuses its services on sustainable infrastructure assets —fractionalising large assets into smaller “pieces'' or tokens using blockchain technology. The Fasset Exchange (FEX), serves as a zero fee platform where these tokens can be traded. Last year, Fasset was authorised to participate in the CBB’s Regulatory Sandbox to test its asset tokenisation solution.

— business@khaleejtimes.com

Staff Reporter





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