Fasset Gets Provisional License for World’s First Stablecoin-Powered Islamic Digital Bank

Malaysia has granted a provisional banking licence to Fasset, a digital banking and investing platform with offices in Jakarta and Dubai, to run the first Stablecoin-powered Islamic digital bank. Targeting financial inclusion gaps in Muslim-majority regions of Asia and Africa where access to halal asset-backed products is still restricted, the regulatory approval allows Fasset to provide Shariah-compliant savings, zero-interest accounts, investment services using stablecoins and tokenised assets, and global payments on-chain. Deposits, investments in US equities, gold, and cryptocurrency, as well as spending through a planned Visa-linked crypto card, will all be available to customers. In order to settle regulated real-world assets on-chain, Fasset also intends to launch “Own,” an Ethereum Layer 2 network based on Arbitrum.