Fasset said on October 7, 2025, that it has secured Malaysian approval to provide banking services from Labuan’s regulatory sandbox for Islamic fintech, allowing the firm to offer full-service digital banking to its existing global user base of 500,000.
Fasset Receives Malaysian Approval to Operate Stablecoin-Powered Islamic Digital Bank
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The provisional license positions Fasset as the world’s first stablecoin-powered Islamic digital bank, enabling on-chain, asset-backed, Shariah-compliant deposit and banking products alongside investments in U.S. stocks, gold, and cryptocurrencies. Fasset reported over $6 billion in annualized volume—projected to reach $24 billion by the end of 2026—and said the license expands its remit from digital-asset investing into regulated, deposit-taking services. CEO Mohammad Raafi Hossain said the firm aims to combine global banking credibility with crypto-driven innovation, offering zero-interest banking, asset-backed savings, instant cross-border payments, and a forthcoming crypto debit card accepted via Visa, Google Pay and Apple Pay; Fasset also plans an Own Layer‑2 on Arbitrum to settle regulated real-world assets.
