Fasset Islamic Crypto Bank Gains Malaysia Approval for Global Expansion

Fasset Islamic crypto bank has received regulatory approval from Malaysia’s Labuan FSA, becoming the world’s first Shariah-compliant digital bank powered by stablecoins. The UAE-based fintech will expand from digital asset services to full-scale on-chain banking through its superapp, offering zero-interest accounts and access to US stocks, gold, and cryptocurrencies. With over 500,000 users across 125 countries, the platform currently handles USD6bn in annualised volume and aims to reach USD24bn by 2026. Fasset, already licensed in the UAE, Indonesia, the EU, and Pakistan, also plans to launch a crypto debit card and a Layer 2 Ethereum network to support asset-backed products and cross-border payments for retail and SME clients.