Fasset has obtained a temporary license from the Labuan Financial Services Authority (FSA) in Malaysia to launch what the company claims is the first stablecoin-driven "Islamic Digital Bank."
The license allows the integrated financial super app Fasset to operate within a regulatory sandbox focused on Sharia-compliant financial products, the company stated in a press release on Tuesday.
"We can now combine the credibility of global banking institutions with the innovation of a fully Sharia-compliant fintech disruptor," said Fasset CEO Mohammad Raafi Hossain.
Islamic finance refers to a financial system based on Islamic law (Sharia), which prohibits the charging of interest (riba), avoids excessive risk and uncertainty (gharar), and forbids investment in harmful or unethical industries such as alcohol, gambling, or pornography.
The recent approval allows Fasset to offer deposit services, cross-border payments, and zero-interest banking to 500,000 users across 125 countries.
The Dubai-based company aims to replicate the success of NuBank in Latin America but targets underserved markets in Asia and Africa. The company offers digital savings, yield products, and investment channels in U.S. stocks, gold, and cryptocurrencies.
Fasset also plans to issue a crypto debit card for everyday spending and launch "Own"—an Ethereum Layer 2 network built on Arbitrum for settling real-world assets. The company has also obtained licenses in the UAE, Indonesia, Turkey, and the EU.
The Labuan Financial Services Authority's license authorizes financial entities to operate within the regulated offshore financial center of Labuan International Business and Financial Centre (IBFC) in Malaysia. This license is not equivalent to a full digital banking license from Bank Negara Malaysia.
Cointelegraph reached out to Fasset for comment but had not received a response by the time of publication.
Last month, Visa launched a pilot program allowing banks to pre-fund cross-border payments using Circle's USDC and EURC stablecoins.
This move came a day after Swift announced a partnership with Ethereum developer Consensys and over 30 financial institutions to build a blockchain-based settlement platform aimed at enabling real-time cross-border payments around the clock.
Related: Pump.fun captures 80% share of Solana meme coins: Can the advantage last?
Original article: “Fasset Obtains Malaysian License to Launch Stablecoin-Driven ‘Islamic Digital Bank’”
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
