Fasset Receives Temporary Banking License in Malaysia
Fasset, a Dubai-based digital banking and investment platform, received a temporary banking license from Malaysia on October 7, 2025. This license allows Fasset to operate as a Shariah-compliant digital bank. It becomes the first Islamic digital bank worldwide to use stablecoins.
The approval permits Fasset to test digital financial products under the supervision of the Labuan Financial Services Authority (Labuan FSA). This controlled environment supports the company’s innovation in Islamic finance.
Mohammad Raafi Hossain, CEO and Co-Founder of Fasset, said, “We’ve been told for years what’s ‘impossible’: that Islamic finance can’t go global, that banks can’t be built on crypto, that financial freedom isn’t for emerging markets. We’re here to prove otherwise. We can now combine the credibility of a global banking institution with the innovation of a fintech insurgent that’s fully halal.”
Fasset’s digital asset platform serves users in 125 countries. It reported an annualized transaction volume exceeding US$6 billion. The company expects this volume to reach US$24 billion by the end of 2026.
Fasset aims to offer Shariah-compliant investment and savings products without interest. It also provides access to assets such as gold, stocks, and digital tokens.
Malaysia Advances Digital Asset Ecosystem
This licensing milestone aligns with Malaysia’s broader plan to enhance its digital asset ecosystem. On June 30, the Securities Commission Malaysia released Public Consultation Paper No. 3/2025. The paper proposes changes to the digital asset listing process.
Under the new framework, exchanges could list certain digital assets without prior approval from the Securities Commission. This is allowed if the assets meet minimum regulatory requirements.
The goal is to accelerate product launches, increase exchange operator accountability, and expand investment options for users.
