Fasset Set To Pursue Stablecoin Banking In Malaysia

Fasset has announced it has secured a provisional license from the Malaysian regulators to power stablecoin banking in the region, according to their statement.

The company focusing on the new age of stablecoin payments and tailored for islamic finance has been awared a provisional license to operate in Malaysia, becoming the first official digital platform to do so and building on other licenses in places such as the UAE.

On the announcement, Co-founder and CEO Mohammad Raafi Hossain expressed:

“We’ve been told for years what’s ‘impossible’: that Islamic finance can’t go global, that banks can’t be built on crypto, that financial freedom isn’t for emerging markets. We’re here to prove otherwise. We can now combine the credibility of a global banking institution with the innovation of a fintech insurgent that’s fully halal. We’re on track for over $24B in volume by year-end 2026, and expect much of that to stay within our Fasset ecosystem, driving strong assets under management and opening the door to new banking services in the future.”

This includes personal banking, OTC trading services, as well as exposure to tokenized stocks and commodities. Earlier in the year, the company had revealed a partnership with Zank Bank and Capital Investment Holding to focus on tokenizing real estate in Dubai.