Fasset Receives Malaysian Approval for Stablecoin Islamic Digital Banking
Global crypto investment platform Fasset has received approval from Malaysia to operate as a digital bank within an Islamic fintech sandbox. This makes it the first stablecoin-powered Islamic digital bank.
- Fasset's Reach: Serves over 500,000 users across 125 countries, focusing on Shariah-compliant financial products.
- New Offerings: Launching banking services, global investments, and a crypto debit card for spending in Visa-supported stores, compatible with Apple Pay and Google Pay.
- Future Plans: Rolling out Own, an Ethereum Layer 2 network on Arbitrum, to settle real-world assets.
Islamic Finance Expansion
- The Islamic finance industry exceeded $5 trillion in assets by 2025, yet many regions lack access to compliant products.
- Fasset's annualized trading volume is over $6 billion, expected to reach $24 billion by 2026.
- Offers zero-interest banking products alongside crypto investment.
Crypto Adoption Trends
- Fasset holds regulatory approvals in the UAE, Indonesia, Turkey, Pakistan, and the EU amid growing crypto adoption in Asia.
- A December 2024 report shows 23–24% digital asset usage in the Asia-Pacific region, nearly triple the global average.
- Countries like Thailand, UAE, Philippines, and India lead in adoption, with contributions from China and Japan.