Value Model and DerivationSBI Remit × Fasset. What the partnership adds, and how each number is reached
Stage. Pre-MOU
Inputs. Jan to Dec 2025
What changes with the partnership
The same customer experience. A wider rail, freed capital, and revenue lines that do not exist today.
+29 / +58
Inbound origins added, outbound corridors unlocked. Japan moves from a payout-only node to a pay-in node.
$4M to $18M
Capital returned to the balance sheet [Estimated]. Pre-funding float released through stablecoin settlement.
$2.3M/yr base
New annual revenue [Estimated], three lines that do not sit on the book today. Range $0.3M to $11M.
Input to output
How we reach each number
Select a figure to see its derivation. Each follows the same path. Inputs, then the assumption and its basis, then the calculation method, then the output with a worked example.
Referencing
Where every input comes from
Each input is classified by source so the reader can weigh it. The principle is to update our original numbers where the counterparty data or fresh research moves them, not to defend the originals.
Provided in writing
Verbal, from the meeting
Researched, sourced
Modelled, our estimate
What we updated, and why
Monthly volume, from earlier assumption to the written figure$120 to $150M→$190M
Funded nostro base, recalibrated once bridging on live corridors is accounted for$25 to $50M→~$7M
Platform annualised volume, reconciled to the underlying figures$32B+→~$19B
650,000, corrected from a monthly figure to a stock figuremonthly senders→population / members
Cumulative volume, standardised to the latest milestone¥1T→¥2T+
Cost implications
What it means for each party
The direct cost saving is real but modest once existing bridging is accounted for. The larger benefit is freed capital and net-new revenue. The customer gains on price and reach.
Operating cost today$672K/yr
Direct saving [Est]$240K to $400K
Capital freed [Est]$4M to $18M
New revenue linesThree
Brand and appUnchanged
Fasset
The infrastructure layer
Earns onSettlement, routing, take
Network ready today58 payout corridors
Unit cost at low volumeHigh, until scale
Revenue splitTo be agreed
Visible to customerNo
Customer
The sender and receiver
Typical cost today~6.5%
With the rail~1% all-in
Settlement timeMinutes
SDG 2030 target3% or less
Reach58 corridors
Revenue and cost by product
Each line Fasset brings
Three of these lines do not exist on the book today. The card and savings figures are modelled bottom-up. Toggle the scenario to move the base.
Conservative
Base case
Upside
Where the reach grows
Corridors the partnership adds or improves
Not the corridors already served. These are markets where flows route through cash pickup or bypass Japan today, brought onto a bank-grade rail at the corridor-edge spread. The three live corridors gain the product layer above settlement, not a new corridor.
Diligence
Headline numbers. Method, assumptions, and stress-test
Each figure carries a status. Solid stands as cited. Recalibrate keeps the direction but resizes the magnitude. Rework needs a new basis before it is presented.
All
Solid
Recalibrate
Rework
Open confirmations
To close before any figure is presented as final
›Which volume base and period the 5.56 bps was struck on. The lines imply a base near $100M against a stated $190M average.
›Actual nostro float per corridor and the current cost of capital on it, to firm up the freed-capital range.
›Whether the licence covers customer-invisible stablecoin flows, including the yen stablecoin.
›Active customer count, average ticket, and take rate per corridor, to replace the modelled sender base.
Deal level and next step
Where this sits
›Stage is pre-MOU. The immediate task is to make the economics clear and ranged, not to commit figures.
›This pack and a draft MOU form the proposal for review.
›Each phase ends in a measurable gate with a mutual exit, so neither side is locked in.
›Lead with freed capital and new revenue, since the direct cost saving recalibrated down.