Fasset Secures Provisional Banking License for Islamic Digital Bank in Malaysia
- Fasset has received a provisional banking license in Malaysia, enabling it to establish the world’s first stablecoin-powered Islamic digital bank.
- The company will offer Shariah-compliant savings, financing, and investment services using stablecoins and tokenized assets.
- Fasset plans to launch “Own,” an Ethereum Layer 2 network built on Arbitrum, for settling regulated real-world assets on-chain.
- The platform aims to address financial inclusion gaps within the $5 trillion global Islamic finance industry.
- Fasset’s existing platform processes over $6 billion in annualized transaction volume across more than 125 countries.
This licensing allows Fasset to operate within a regulated sandbox for Islamic fintech, enhancing its offerings while ensuring compliance with Shariah law, which prohibits interest-bearing products.
With this new license, Fasset is positioned to provide innovative financial solutions that align with Islamic principles, addressing significant market needs in Muslim-majority regions.(Source)
