Fasset expands into Islamic digital banking
The recent approval allows Fasset, which serves 500,000 users across 125 countries, to offer deposit-taking services, cross-border payments and zero-interest banking.
The Dubai-headquartered firm said it aims to replicate the success of NuBank in Latin America, but for underserved markets across Asia and Africa. The firm offers digital savings, yield products, and investment access to US stocks, gold and crypto.
Fasset also plans to issue a crypto debit card for everyday spending and launch “Own,” an Ethereum layer 2 built on Arbitrum for settling real‑world assets. The firm has also received licenses in the United Arab Emirates, Indonesia, Turkey and the European Union.
A license from Labuan FSA authorizes a financial entity to operate within the Labuan International Business and Financial Centre (IBFC), a regulated offshore financial center in Malaysia. The license is not equivalent to a full digital banking license from Bank Negara Malaysia.
Cointelegraph reached out to Fasset for comment, but had not received a response by publication.
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