Fasset received Labuan FSA approval to offer Shariah-compliant banking services powered by stablecoins, targeting Asia and Africa’s underserved markets.
Fasset received a provisional license from Malaysia’s Labuan Financial Services Authority (FSA) to launch what the company said 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 company said in a Tuesday news 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.
