Object, backing wager with an Asian (7)
I believe the answer is:
tibetan
'asian' is the definition.
(I know that Tibetan is a type of asian)
'object backing wager with an' is the wordplay.
'object' becomes 'it' (pronoun for an inanimate object).
'backing' shows that the letters should be reversed in order.
'wager' becomes 'bet' (synonyms).
'with' says to put letters next to each other.
'it' reversed gives 'ti'.
'ti'+'bet'+'an'='TIBETAN'
(Other definitions for tibetan that I've seen before include "Former nationality of citizen of Lhasa" , "Himalayan language" , "Language giving us yak, sherpa and yeti" , "Nationality of citizen of Lhasa, before Chinese invasion" , "native of Lhasa, say?" .)