Global fintech platform Fasset has secured regulatory approval in Malaysia to launch full-scale digital banking services. Operating within an Islamic fintech sandbox, the license enables Fasset to deliver stablecoin-powered banking solutions to its 500,000 users worldwide.Â
With this, Fasset becomes the first company globally to establish a regulated Islamic digital bank built on stablecoin infrastructure.
Fasset’s goal is to provide affordable and accessible financial services to underbanked populations across Asia and Africa, much like NuBank has done in Latin America.
As Islamic finance surpasses $5 trillion in assets in 2025, with forecasts to hit $10 trillion by 2030. Fasset aims to lead the next wave of digital Shariah-compliant banking innovation.
Leveraging its regulatory approvals and technology stack, Fasset has scaled its Islamic finance operations globally, serving retail users across 125 nations and growing its institutional clientele tenfold in 2025.
The platform currently records more than US$6 billion in annualized volume and is on track to reach US$24 billion by the end of 2026.
With its new provisional license, Fasset evolves from a digital asset investment platform to a full-service, Shariah-compliant bank, offering asset-backed, on-chain deposit services and access to diversified products like U.S. stocks, gold, and cryptocurrencies.
“Our goal has always been to challenge limits,” said Mohammad Raafi Hossain, CEO and Co-Founder. “We’re proving that Islamic finance can be global, that crypto can power real banking, and that emerging markets can lead in financial innovation. This milestone sets the stage for expanding our ecosystem and deepening user engagement worldwide.”
Fasset’s Labuan FSA approval allows it to operate within Malaysia’s offshore financial centre under a regulated sandbox framework.
Although not a full digital banking license from Bank Negara Malaysia, the authorization provides a platform for the company to develop and test Islamic fintech innovations.
The framework ensures necessary oversight and consumer protection, aligning with global standards for cross-border financial operations.