Fasset Receives Malaysian License to Operate Stablecoin-Powered 'Islamic Digital Bank'
Fasset, a Dubai and Jakarta-based digital banking platform, has secured a provisional banking license from Malaysia to offer digital banking services under Shariah-compliant regulations. The company said this approval makes it the first Islamic digital bank to operate using stablecoins.
The regulatory approval enables Fasset to offer a full suite of Shariah-compliant financial services, including zero-interest savings accounts, investment products backed by stablecoins and tokenised assets, and blockchain-based global payment solutions. This development aims to bridge the financial inclusion gap across Muslim-majority regions in Asia and Africa, where access to halal, asset-backed financial products remains limited.
Fasset’s forthcoming digital bank will allow customers to hold deposits, invest in U.S. stocks, gold, and cryptocurrencies, and make everyday purchases through a Visa-linked crypto card. The card will function for both online and in-store payments, and will also support Google Pay and Apple Pay, reflecting the platform’s emphasis on convenience and global interoperability.
Founded as a digital asset investment platform, Fasset has rapidly expanded its reach. As of 2025, it serves retail users in over 125 countries and has seen its institutional client base grow tenfold. The company currently processes over US$6 billion in annualised volume, with projections to hit US$24 billion by the end of 2026.
