Fasset approved to launch Islamic digital bank on Stablecoin rails

By Vriti Gothi

Fasset, the global financial super-app, has been granted provisional approval from Malaysia to offer banking services, marking a pivotal step towards becoming the world’s first stablecoin-powered Islamic digital bank. The licence positions Fasset at the forefront of a new category of Shariah-compliant digital banking, within a regulated sandbox for Islamic FinTech innovation.

With a growing global user base of more than 500,000, Fasset’s latest milestone completes its evolution into a full-service digital bank — designed to deliver secure, inclusive, and halal financial solutions for customers across Asia and Africa. The company’s vision is to serve as a gateway to financial inclusion in emerging markets, mirroring the transformative role NuBank has played in Latin America.

The timing is strategic. The global Islamic finance industry surpassed $5 trillion in assets in 2025, with forecasts suggesting it could double by 2030. Yet access to authentic, Shariah-compliant financial products remains limited across much of the pan-Islamic world  a gap Fasset aims to close through technology-driven, asset-backed innovation.

Having built a robust regulatory and technological foundation, Fasset has already established itself as a trusted digital asset platform, serving retail users in 125 countries and an institutional client base that has expanded tenfold in 2025. The platform now records over $6 billion in annualised volume, projected to reach $24 billion by the end of 2026.

The new banking licence enables Fasset to move beyond digital asset investing into full-service, Shariah-compliant banking. As a deposit-taking institution, Fasset will deliver asset-backed banking on-chain through its secure, all-in-one super-app, allowing users to access zero-interest savings accounts, alongside investments in U.S. stocks, gold, and cryptocurrencies.

Mohammad Raafi Hossain, CEO and Co-Founder of Fasset, said, “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.”

Fasset’s mission is rooted in solving real-world challenges: the young professional in Pakistan with limited options to build wealth, the family in Bangladesh facing inflationary pressures, or the UAE-based SME struggling with cross-border transfers. Through Shariah-compliant investment opportunities, asset-backed savings products that hedge against currency volatility, and instant cross-border payments, Fasset is reimagining Islamic banking for the digital era.