- Malaysia grants Fasset a provisional license to operate as a Shariah-compliant digital bank.
- Fasset to offer asset-backed savings, zero-interest accounts, and global payments on-chain.
- The $5T Islamic finance market could see broader crypto integration through this model.
Fasset, a digital asset investment platform, has been given a provisional banking license in Malaysia, clearing the way for what it calls the world’s first stablecoin-powered Islamic digital bank.
The move places Fasset within a regulated sandbox for Islamic fintech, enabling the company to expand its existing digital asset platform into full-service banking, the company said in a press release on Tuesday.
With the new license, Fasset plans to offer Shariah-compliant savings, financing, and investment services that use stablecoins and tokenized assets. Customers will be able to hold deposits, invest in U.S. stocks, gold, and crypto, and spend through a planned Visa-linked crypto card.
CEO Mohammad Raafi Hossain said the new license combines “the credibility of a global banking institution with the innovation of a fintech insurgent.” Fasset also plans to roll out “Own,” an Ethereum Layer 2 network built on Arbitrum, to settle regulated real-world assets on-chain.
