What happened?
Fasset, a Dubai- and Jakarta-based digital banking and investment platform, got a provisional banking license in Malaysia to launch what it calls the world’s first stablecoin-powered Shariah-compliant digital bank. The license lets them offer halal savings and zero-interest accounts, investable stablecoins and tokenized assets, on-chain global payments, and a planned Visa-linked crypto card. The firm also plans an Ethereum Layer 2 to settle regulated real-world assets and already operates with large transaction volumes and multiple international approvals.
Who does this affect?
This will mostly affect consumers in Muslim-majority regions in Asia and Africa who want Shariah-compliant banking and crypto services but currently lack access to halal asset-backed products. It also matters to crypto investors and remittance users who could get cheaper, on-chain cross-border payments and new tokenized investment options. Regulators, traditional banks, and crypto platforms offering Sharia products will face more competition and pressure to adapt.
Why does this matter?
It could accelerate mainstream adoption of stablecoins and real-world asset tokenization within Islamic finance, opening new channels for savings, investing, and cross-border payments. Malaysia’s move may boost its status as a regional crypto hub and attract more capital, jobs, and infrastructure tied to halal digital finance. Greater regulatory clarity and new products from players like Fasset are likely to intensify competition, push further product innovation, and expand financial inclusion across the region.