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Malaysia Grants Fasset Provisional License for Shariah-Compliant Stablecoin Bank

Malaysia Grants Fasset Provisional License for Shariah-Compliant Stablecoin Bank

Fasset secures Labuan FSA approval to launch a stablecoin-powered digital bank that aligns with Islamic principles, offering crypto debit cards and Ethereum Layer-2 platform for real-world asset settlements.

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Fact Check
The statement is directly and consistently confirmed by multiple independent news sources, including Coindesk, News.Bitcoin.com, Tech in Asia, and The Digital Banker. These sources explicitly state that Malaysia granted Fasset a provisional license to operate a Shariah-compliant digital bank powered by stablecoins.
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Summary

Fasset, the Dubai-based financial super app, has received provisional approval from the Labuan Financial Services Authority in Malaysia to launch a Shariah-compliant digital bank using stablecoin technology. The bank will offer crypto debit cards and a platform, 'Own,' built on Ethereum Layer-2 and Arbitrum for real-world asset settlements. This initiative aligns with Fasset’s broader mission to drive financial inclusion across underserved markets in Asia and Africa by providing interest-free, asset-backed financial products.

Terms & Concepts
  • Shariah-Compliant Banking: Financial services adhering to Islamic law, which prohibits interest (riba) and requires asset-backed transactions.
  • Stablecoin: A cryptocurrency pegged to the value of a stable asset, such as the U.S. dollar, to reduce volatility.