Fasset gains provisional license for the first stablecoin-powered Islamic digital bank in Malaysia.
Fasset has obtained a provisional banking license from Malaysia, marking the introduction of the first stablecoin-enabled Islamic digital bank globally. This venture operates within Malaysia’s Islamic fintech regulatory sandbox, advancing Shariah‑compliant financial services.
Under the leadership of CEO Mohammad Raafi Hossain, Fasset received this license on October 7, 2025. This initiative integrates blockchain technology and stablecoins, such as USDT and USDC, to enhance digital banking offerings.
Mohammad Raafi Hossain, CEO & Co‑founder, Fasset, stated, “Today, Fasset received a provisional license from Malaysia, allowing us to launch the world’s first stablecoin-enabled Islamic digital bank. This is a milestone for financial inclusion and ethical banking, bridging global asset access for our communities in a Shariah‑compliant way.”
Islamic Fintech Advances with Blockchain and Stablecoins
The move is seen as a substantial step in Islamic fintech, promoting financial inclusion using digital assets. While stablecoins may facilitate payment and saving solutions, no major changes in asset price are anticipated without broader adoption.
Early market analysis highlights potential benefits, including regulatory incentives and government grants. Historical data from similar ventures, like retail banking initiatives, indicates moderate impacts on general cryptocurrency adoption and compliance frameworks.
Aeon Bank's Lessons Inform Fasset's Launch Strategy
Previous Islamic digital banks, such as Aeon Bank Malaysia, provide a precedent but lacked stablecoin integration. These banks showed increased blockchain and compliance application, which informs current expectations for Fasset's launch.
According to Kanalcoin experts, leveraging such tools in Islamic banking could lead to increased technological adoption. The backing of stablecoins within regulatory frameworks may drive wider acceptance and reshape Islamic financial systems.
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