Fasset has obtained an Islamic Digital Banking License in Malaysia.

Fasset Revolutionizes Islamic Digital Banking

Fasset has taken a significant step towards opening the world's first stablecoin-backed Islamic digital bank by receiving a provisional banking license from regulatory authorities in Malaysia. This initiative allows Fasset to transform its digital asset platform into a full-service bank. In a press release regarding the matter, the company stated that it aims to provide Sharia-compliant savings, financing, and investment services with the new license.

Fasset will conduct global payments on the blockchain with Sharia-compliant, asset-backed savings accounts and zero-interest accounts. Customers will have the opportunity to hold their savings, invest in American stocks, gold, and cryptocurrencies thanks to the new license. Additionally, there will be options to spend through planned Visa-linked crypto cards.

Fasset CEO Mohammad Raafi Hossain expressed that the new license "unites the credibility of a global banking institution with the innovations of a fintech revolutionary." The company also plans to implement a project named “Own,” which will enable the regulation of real assets on the blockchain, based on the Ethereum Layer 2 network.

Fasset announced that the stablecoin infrastructure allows users to protect the value of their assets against inflation and currency fluctuations by avoiding interest-bearing products. Islamic rules prohibit all forms of interest (riba). Thus, Fasset aims to enhance financial inclusivity in the $5 trillion global Islamic finance sector.

Access to halal and asset-backed financial products is particularly limited in many Muslim-populated areas, especially in Asia and Africa. Last March, Fasset obtained a license to operate as a Virtual Asset Service Provider (VASP) in Dubai. The company, based in Dubai and Jakarta, announced that its platform processed over $6 billion in transactions annually across 125 countries.