Dubai-based fintech Fasset has received approval from Malaysia’s Labuan Financial Services Authority (Labuan FSA) to explore the development and piloting of a stablecoin-based Islamic banking model. This move signifies a major step for the digital asset platform as it expands its Shariah-compliant financial offerings within regulated international frameworks. The approval allows Fasset to test its innovative digital financial products in a controlled environment under Labuan’s direct regulatory oversight.
A Gateway to Shariah-Compliant Digital Finance
Fasset plans to leverage this approval to build out a comprehensive platform that combines asset-backed savings, Shariah-compliant financing tools, and blockchain-based payment features. A key component of this ecosystem is a planned crypto debit card, which, pending necessary approvals, would support online and in-store purchases through major networks like Visa, Google Pay, and Apple Pay. The company’s core focus is on enabling zero-interest investment and savings products, providing users with access to a diverse range of assets including gold, equities, and digital tokens.
Ambitious Growth and Global Vision
Operating across 125 countries, Fasset has already achieved an annualised transaction volume exceeding US$6 billion and projects this figure will climb to US$24 billion by the end of 2026. This growth trajectory underpins the company’s mission to challenge conventional financial norms.
“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,” stated Mohammad Raafi Hossain, CEO and Co-Founder of Fasset. “We can now combine the credibility of a global banking institution with the innovation of a fintech insurgent that’s fully halal.”
Building Infrastructure for Real-World Assets
Beyond its consumer-facing platform, Fasset is also developing Own, an Ethereum Layer 2 network built on Arbitrum. This proprietary network is specifically designed to facilitate the settlement of real-world assets from regulated institutions, creating a robust infrastructure for the tokenization and transfer of tangible assets on the blockchain.
Expanding its Regulatory Footprint
This latest approval from the Labuan FSA strategically expands Fasset’s regulatory footprint in Asia. The company already holds licenses in several key jurisdictions, including the UAE, Indonesia, the European Union, Turkey, and Pakistan. The new Malaysian operations will serve as a crucial hub for further growth and innovation in the region.
About Fasset
Fasset is a Dubai-headquartered digital asset platform dedicated to providing Shariah-compliant financial products and services to a global user base. The company aims to increase financial inclusion and freedom by leveraging blockchain technology to offer accessible, zero-interest investment and savings solutions, targeting emerging markets and beyond.
Source: Fintechnews.ae
