Fasset, a Dubai and Jakarta-based digital banking and investment platform, has received a provisional banking license from Malaysia's Labuan Financial Services Authority (FSA) to operate the world's first stablecoin-powered Islamic digital bank. This regulatory approval enables Fasset to offer Shariah-compliant savings, zero-interest accounts, investment services using stablecoins and tokenized assets, and global on-chain payments, targeting financial inclusion gaps in Muslim-majority regions across Asia and Africa.
The company, which already processes over $6 billion in annualized transaction volume across 125 countries and holds regulatory approvals in the UAE, Indonesia, the EU, Turkey, and Pakistan, plans to launch a Visa-linked crypto debit card for everyday spending. Additionally, Fasset will roll out "Own," an Ethereum Layer 2 network built on Arbitrum, to settle regulated real-world assets on-chain. CEO Mohammad Raafi Hossain stated, "We can now combine the credibility of a global banking institution with the innovation of a fintech insurgent that's fully halal."
Malaysia's crypto market is poised for growth, with revenue expected to reach $484.1 million in 2025 and active users around 2.8 million. The country's Securities Commission proposed regulatory reforms in July 2025 to accelerate token listings on exchanges, following record trading volume of RM13.9 billion ($2.9 billion) in 2024. This aligns with broader trends, such as Binance's launch of Sharia Earn, a certified Shariah-compliant staking platform for BNB, Ethereum, and Solana, in 31 countries, and similar initiatives from Bybit and Crypto.com in the Middle East and Asia.
BTC
XRP
MIM
LTC