Fasset Secures Malaysia Banking License to Launch World’s First Stablecoin-Based Islamic Digital Bank

Fasset, a global digital asset investment platform, has received a provisional banking license in Malaysia, marking a major milestone toward launching what it calls the world’s first stablecoin-powered Islamic digital bank. The license places Fasset within Malaysia’s regulated Islamic fintech sandbox, enabling it to expand from a crypto investment platform into a full-fledged Shariah-compliant financial institution.

With this new authorization, Fasset aims to offer halal banking, savings, and investment products using stablecoins and tokenized assets. Customers will soon be able to hold deposits, invest in U.S. stocks, gold, and cryptocurrencies, and spend through a planned Visa-linked crypto card. The company’s approach ensures full compliance with Islamic finance principles, which prohibit interest (riba), by using asset-backed financial models that protect users against inflation and currency volatility.

Fasset’s CEO, Mohammad Raafi Hossain, described the development as a convergence of “the credibility of a global banking institution with the innovation of a fintech insurgent.” The firm also plans to introduce “Own,” an Ethereum Layer 2 network built on Arbitrum, designed to bring regulated real-world assets onto the blockchain for transparent, compliant settlement.

The initiative highlights a significant leap in financial inclusion for the $5 trillion global Islamic finance industry, which often lacks accessible, Shariah-compliant digital solutions—particularly in Asia and Africa. By leveraging blockchain and stablecoin infrastructure, Fasset seeks to bridge that gap and empower underserved Muslim communities worldwide.

Previously, Fasset secured a Virtual Asset Service Provider (VASP) license in Dubai and currently reports over $6 billion in annualized transaction volume across 125 countries. Its Malaysian banking approval now positions it at the forefront of Islamic digital banking innovation and the growing intersection between crypto, fintech, and faith-based finance.