Fasset becomes world’s first stablecoin-powered Islamic bank
Fasset, a leading global financial superapp, has received regulatory approval in Malaysia to offer banking services
KUALA LUMPUR, Malaysia (MNTV) — Fasset, a leading global financial superapp, has received regulatory approval in Malaysia to offer banking services, marking its transition into the world’s first stablecoin-powered Islamic digital bank, The Digital Banker reported.
The license allows Fasset to operate within Malaysia’s regulated sandbox for Islamic fintech innovations, offering full-service digital banking to its existing user base of over 500,000 people worldwide.
Fasset aims to become for Asia and Africa what NuBank has been for Latin America — a platform advancing financial inclusion through accessible, Shariah-compliant products.
The Islamic finance industry has already surpassed $5 trillion in global assets this year and could double by 2030, yet access to such services remains limited across the Muslim world.
Building on its strong regulatory and technological base, Fasset currently serves retail users across 125 countries and an expanding institutional client base, with annualized trading volume exceeding $6 billion and projected to reach $24 billion by 2026.
The new banking license expands Fasset’s role from a digital asset platform to a deposit-taking institution, offering asset-backed, zero-interest banking services on-chain via its all-in-one superapp.
Users can invest in U.S. stocks, gold, and cryptocurrencies alongside halal banking products.
“Our mission is to prove that Islamic finance can go global and that banks can be built on crypto — all while remaining halal,” said Mohammad Raafi Hossain, Fasset’s CEO and co-founder.
Fasset, already licensed in the UAE, Indonesia, the EU, Turkey, and Pakistan, plans to roll out new services including crypto debit cards for Visa, Google Pay, and Apple Pay transactions, and launch Own, an Ethereum Layer 2 built on Arbitrum to settle real-world assets from regulated institutions.
“The goal is to rewrite the rules — making banking seamless and accessible, wherever our customers live,” Hossain added.
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