Fasset wins Malaysia license for stablecoin-powered ‘Islamic digital bank’

Fasset has received Labuan FSA approval to offer Shariah-compliant banking services powered by stablecoins, targeting Asia and Africa’s underserved markets.

Fasset has received a provisional license from Malaysia’s Labuan Financial Services Authority (FSA) to launch what the company claims is the first stablecoin-powered “Islamic digital bank.”

The license allows Fasset, an all-in-one financial super app, to operate within a regulated sandbox focused on Shariah-compliant financial products, the firm said in a Tuesday press release.

“We can now combine the credibility of a global banking institution with the innovation of a fintech insurgent that’s fully halal,” Fasset CEO Mohammad Raafi Hossain said.

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