Fasset’s Regulatory Approval in Malaysia
On October 7, 2025, Fasset announced that it has obtained regulatory approval from Malaysia to operate its banking services through Labuan’s sandbox designed for Islamic fintech initiatives. This groundbreaking development marks Fasset as the world’s pioneer in establishing a stablecoin-powered Islamic digital banking platform, which will cater to its extensive user base of 500,000 globally.
Comprehensive Suite of Digital Banking Services
The newly acquired provisional license enables Fasset to offer a comprehensive suite of digital banking services, which includes asset-backed, Shariah-compliant deposit accounts and various investment opportunities within U.S. stocks, gold, and cryptocurrencies. Notably, the company reported an unprecedented annualized volume of over $6 billion, which is forecasted to rise to an impressive $24 billion by the end of 2026. This significant advancement in regulatory status allows Fasset to broaden its services beyond merely digital asset investments to incorporate official deposit-taking services.
CEO’s Vision and Future Offerings
CEO Mohammad Raafi Hossain emphasized the firm’s ambition to merge the credibility found in global banking with the innovative potential of cryptocurrency.
Fasset’s offerings will feature zero-interest banking options, asset-backed savings accounts, and instant international payment solutions. Additionally, the company is set to introduce a crypto debit card that will be compatible with Visa, Google Pay, and Apple Pay, enhancing accessibility for customers. Furthermore, Fasset plans to develop its Own Layer-2 solution on the Arbitrum network to facilitate the settlement of regulated real-world assets, thereby reinforcing its position within the financial ecosystem.
