Fasset Receives Malaysia License to Launch First Stablecoin

TLDR

Fasset’s new license enables Shariah-compliant savings, investments, and financing.
The stablecoin-powered bank aims to serve the $5T global Islamic finance market.
Customers will have access to Visa-linked crypto cards and global payments.
Fasset’s platform will offer asset-backed, interest-free financial products.

Fasset has secured a provisional banking license in Malaysia, paving the way for the launch of the world’s first stablecoin-powered Islamic digital bank. This milestone allows Fasset to offer Shariah-compliant financial services backed by stablecoins and tokenized assets, addressing a gap in the Islamic finance sector. The company’s innovative approach promises to provide asset-backed savings, investments, and a range of digital banking services to users globally.

Fasset’s Provisional Banking License in Malaysia

Table of Contents

Fasset, a digital asset platform, has officially received a provisional banking license in Malaysia. This approval allows the company to operate within the regulated sandbox for Islamic fintech, making it possible to launch a full-service, Shariah-compliant digital bank.

The license will enable Fasset to offer savings, financing, and investment services using stablecoins and tokenized assets, providing customers access to modern financial products that comply with Islamic principles.

According to CEO Mohammad Raafi Hossain, this new development combines the trust and credibility of a global banking institution with the innovation of fintech. The company’s platform, which processes billions in transactions across multiple countries, aims to bring Shariah-compliant digital banking to a global audience, starting with Malaysia.

Shariah-Compliant Banking Services

The core of Fasset’s offering is its Shariah-compliant digital banking services, built on stablecoins and tokenized assets. These services will provide customers with an alternative to traditional banking products, avoiding interest-bearing accounts, which are prohibited in Islamic finance due to the concept of riba (interest). Fasset’s platform will support asset-backed savings accounts, zero-interest financing options, and investment opportunities that comply with Islamic laws.

Through the new license, Fasset is also set to offer a range of global payment solutions, including a Visa-linked crypto card, which will allow users to make transactions across the globe using stablecoins. The digital bank will cater to a growing demand for halal financial products, particularly in regions like Southeast Asia, where access to Islamic finance has been limited.

The Role of Stablecoins and Tokenized Assets

A significant component of Fasset’s offering is the use of stablecoins and tokenized assets for on-chain settlement. This approach will allow users to preserve the value of their assets against inflation and currency fluctuations, which can impact traditional fiat currencies. By leveraging blockchain technology, Fasset aims to create a transparent and secure financial ecosystem where users can manage their assets efficiently and in compliance with Islamic principles.

Fasset’s use of stablecoins, particularly in the context of Islamic finance, represents an innovative solution to longstanding challenges in the industry. It is designed to provide financial inclusion for Muslims around the world, especially in countries where access to halal banking products is limited.

Future Plans and Global Expansion

Fasset’s long-term vision extends beyond its operations in Malaysia. With plans to launch the “Own” network, built on Ethereum’s Layer 2 solution on Arbitrum, the company aims to offer real-world asset settlement on-chain. This network will enable the seamless integration of regulated financial products into the blockchain ecosystem, further expanding the potential of stablecoin-powered Islamic banking.

Having already secured a license to operate as a Virtual Asset Service Provider (VASP) in Dubai, Fasset’s expansion into Malaysia marks another key milestone in its global growth strategy. The company is committed to providing innovative, Shariah-compliant financial products to meet the growing demand for ethical and accessible banking solutions across the $5 trillion Islamic finance market.

Fasset’s achievement underscores the increasing role of blockchain and digital assets in traditional financial services. It also highlights the growing intersection of Islamic finance and fintech, offering a unique model for the future of banking in Muslim-majority regions.

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