Fasset, a digital asset investment platform, has received a preliminary banking license in Malaysia, clearing the way for what it calls the world’s first stablecoin-driven Islamic digital bank.
The move places Fasset within a regulated sandbox for Islamic Fintech, enabling the company to expand its existing digital asset platform to full service bank, the company said in a press release on Tuesday.
With the new license, Fasset plans to offer Shariah-compatible savings, financing and investment services that use stablecoins and tokenized assets. Customers will be able to keep deposits, invest in US stocks, gold and crypto and use through a planned visa -bound crypto card.
CEO Mohammad Raafi Hossain said the new license combines “the credibility of a global banking institution with the innovation of a fintech uprising.” Fasset also plans to roll out “own”, an Ethereum Layer 2 network built on arbitum, to run regulated assets in the real world on-chain.
The company said its stablecoin infrastructure allows users to avoid interest-bearing products while preserving their assets against inflation or currency fluctuations. Sharia forbids all kinds of interest (known as Riba).
The Fasset aims to tackle a sustained gap in economic inclusion across $ 5 trillion global Islamic funding industry. Access to halal, activated financial products remain limited in many Muslim majority regions, especially in Asia and Africa.
Back in March last year, Fasset won a license to operate in Dubai as a virtual asset service provider (VASP) and the Dubai and Jakarta-based company said its platform is already treating more than $ 6 billion in annual transaction volume in 125 countries.
