Malaysian fintech platform Fasset secures approval to launch stablecoin-powered Islamic digital bank
Global fintech platform Fasset has received regulatory approval from Malaysia’s Labuan Financial Services Authority (FSA) to offer digital banking services, marking a major step in its transition from a digital asset platform to a full-service, Shariah-compliant financial institution.
The approval allows Fasset to operate within Malaysia’s regulated sandbox for Islamic fintech innovations, enabling it to offer deposit-taking, lending, and investment services powered by stablecoin infrastructure. The company’s new model positions it as the world’s first stablecoin-backed Islamic digital bank, serving a global user base of over 500,000.
The license expands Fasset’s operations beyond digital asset investing into on-chain, asset-backed banking. Users will be able to access zero-interest banking products alongside investments in U.S. stocks, gold, and cryptocurrencies through the company’s all-in-one financial superapp.
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Muhammad Ali Bandial