Fasset Becomes World’s First Stablecoin-Powered Islamic Bank with Approval in Malaysia

Global crypto investment platform, Fasset, has received approval from Malaysia to launch full-service digital banking services within a regulated Islamic fintech sandbox. The approval makes Fasset the world’s first stablecoin-powered Islamic digital bank.

Fasset currently serves over 500,000 users across 125 countries, aiming to close the long-standing gap in access to Shariah-compliant financial products. The platform is now introducing everyday banking services, global investments, and crypto-backed spending options.

Its upcoming crypto debit card will allow users to spend cryptocurrencies in Visa-supported stores and integrate seamlessly with Apple Pay and Google Pay.

The company also plans to roll out Own, an Ethereum Layer 2 network built on Arbitrum, designed to settle real-world assets from regulated financial institutions.

Fasset’s Growing Presence in Islamic Finance

The global Islamic finance industry surpassed $5 trillion in assets in 2025. However, Shariah-compliant financial products remain largely inaccessible across the pan-Islamic belt. Fasset intends to solve this issue by mixing blockchain infrastructure with Islamic finance principles.

The platform has already built a solid foundation in Islamic finance. It currently records over $6 billion in annualized trading volume, projected to reach $24 billion by 2026.

With its latest license, Fasset’s services now extend beyond crypto investing into full-service, Shariah-compliant banking. According to the announcement, it plans to provide zero-interest banking products along with access to crypto investment.

Rising Crypto Adoption in the World

Fasset has gained multiple regulatory approvals, including from the UAE, Indonesia, Turkey, Pakistan, and the EU. This expansion comes amid a surge in crypto adoption across Asia, home to more than half of the world’s crypto users.

A December 2024 report by Consensus revealed that around 23–24% of people hold or use digital assets in the Asia-Pacific region, nearly three times the global average.

Countries like Thailand, the UAE, the Philippines, and India, lead in adoption. Even heavily regulated markets such as China and Japan continue to contribute to regional growth.

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