Fasset, a financial superapp, has secured approval from Malaysia’s Labuan FSA to offer banking services in the country.
The licence strengthens the company’s ability to provide full-service digital banking to its existing global user base within a regulated framework for Shariah-compliant developments. This aims to establish Fasset as one of the first stablecoin-backed Islamic digital banks.
Global Shariah-compliant digital banking
Fasset aims to become the NuBank alternative for Asia and Africa, a market gateway to financial inclusion. As the demand for global Islamic financial services rises, the industry surpassed USD 5 trillion in assets in 2025, with the possibility of this number doubling by 2030. However, access to Shariah-compliant financial products remains limited across the pan-Islamic region. Fasset aims to tackle this issue by building a robust finance foundation as a digital asset platform, serving retail users across 125 countries and an institutional client base.
The new platform currently records more than USD 6 billion in annual volume, and the approval of the provisional license expands its remit from digital asset investing into full-service banking. As a deposit-taking institution, Fasset delivers asset-backed banking services on-chain, via its secure, all-in-one financial superapp. With this, users can access zero-interest banking products alongside investments in US stocks, gold, and crypto.
Fasset aims to solve today’s fragmented and exclusionary banking system, helping young professionals, families, and SMEs struggling to move money internationally. Offering services such as Shariah-compliant investment opportunities, asset-backed savings products that protect against currency volatility, and instant cross-border payments designed for businesses of all sizes, the company builds its presence as a secure platform.
In addition to its recently acquired licence, Fasset holds various licenses from regulators in the UAE, Indonesia, the EU, Turkey, Pakistan and other regions. Following its license approval, the platform will expand its offering by enabling everyday banking services, investment in global assets and markets, and spending via a crypto card to its global user base. The crypto debit card will be used for online and in-store purchases wherever Visa is accepted, as well as payments through Google Pay and Apple Pay. Fasset also plans to launch Own, an Ethereum Layer 2 built on Arbitrum that settles real-world assets from regulated institutions.
