Fasset, a financial superapp, has gained the approval of Malaysia’s Labuan FSA to offer banking services in the country.
This license enhances Fasset’s capability to provide comprehensive digital banking solutions to its existing global user base within a regulatory framework. It aims to establish Fasset as one of the first stablecoin-backed Islamic digital banks, catering to Shariah-compliant developments.
Expanding Global Reach for Shariah-Compliant Banking
Fasset seeks to become an alternative to NuBank in Asia and Africa, serving as a gateway to financial inclusion. With the global demand for Islamic financial services expected to surpass USD 5 trillion in assets by 2025 and potentially double by 2030, Fasset aims to address the limited access to Shariah-compliant products across the pan-Islamic region.
The platform currently processes an annual volume of more than USD 6 billion. The approval of the provisional license extends its services from digital asset investments into full-service banking as a deposit-taking institution. Users can now access zero-interest banking products alongside investments in US stocks, gold, and crypto through Fasset’s secure financial superapp.
Fasset aims to tackle today’s fragmented and exclusionary banking system by offering services such as Shariah-compliant investment opportunities, asset-backed savings products that protect against currency volatility, and instant cross-border payments designed for businesses of all sizes. The company is building a secure platform to support young professionals, families, and SMEs in their financial needs.
Following its license approval, Fasset will broaden its services by providing everyday banking solutions, investment opportunities in global assets and markets, and the ability to spend via a crypto card. The crypto debit card will enable online and in-store purchases wherever Visa is accepted, as well as payments through Google Pay and Apple Pay. Additionally, the company plans to launch Own, an Ethereum Layer 2 built on Arbitrum that settles real-world assets from regulated institutions.
