Fasset has received a provisional banking license from Malaysia, allowing it to offer digital banking services under Shariah-compliant regulations.

Fasset is a digital banking and investment platform based in Dubai and Jakarta that serves retail and institutional clients across Asia, Africa, and other regions.

The company said this approval makes it the first Islamic digital bank to operate using stablecoins.

Fasset reports an annualized transaction volume of over US$6 billion and holds regulatory approvals in several countries, including the UAE, Indonesia, the EU, Turkey, and Pakistan.

With the new license, Fasset plans to expand from digital asset investing to full-service, asset-backed banking, providing deposit accounts and Shariah-compliant investment products.

🔗 Source: Fasset