- The company will operate in a regulated Sandbox for Islamic fintech, expanding its digital asset platform to full banking services.
- Planned offerings include Shariah-compliant savings, financing, and investment options using stablecoins and tokenized assets.
- Customers can hold deposits, invest in U.S. stocks, Gold, and cryptocurrencies, and use a VISA-linked crypto card.
- Fasset aims to increase financial inclusion in the global Islamic finance sector, where access to halal, asset-backed products remains limited.
Fasset, a digital asset investment platform, secured a provisional banking license in Malaysia. This license will let the company build what it calls the world’s first Islamic digital bank powered by stablecoins.
The approval places Fasset in a regulatory sandbox for Islamic fintech. With the license, the firm stated it will extend its services beyond digital assets to offer banking, including Shariah-compliant savings, lending, and investment products that use stablecoins and tokenized real-world assets.
According to a company press release, customers will be able to open deposits, invest in U.S. stocks, gold, and cryptocurrency, and use a planned Visa-linked crypto card for spending. Fasset CEO Mohammad Raafi Hossain said the license joins “the credibility of a global banking institution with the innovation of a fintech insurgent.” The firm also plans to implement “Own,” an Ethereum Layer 2 network built on Arbitrum, to process regulated asset settlements on-chain. Layer 2 networks are blockchain scaling solutions designed to increase transaction speed and reduce costs.
Fasset stated that its stablecoin systems help users avoid interest-based products, a requirement for compliance with Shariah law, while protecting deposits against inflation or currency volatility. Earning or paying interest, known as riba, is prohibited in Islamic finance.
The company intends to address a lack of financial inclusion in the $5 trillion global Islamic finance industry, particularly for halal, asset-backed products in many Asian and African Muslim-majority countries. Last March, Fasset received a license to operate as a Virtual Asset Service Provider (VASP) in Dubai. The platform, based in Dubai and Jakarta, now handles over $6 billion in annualized transaction volume across 125 countries.
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