Malaysia Embarks on First Sharia-compliant Digital Banking Journey with Fasset’s Launch

Fasset has received preliminary approval to launch Malaysia’s first stablecoin-backed, Sharia-compliant digital bank. The Labuan Financial Services Authority (Labuan FSA) granted the license on October 7, 2025, enabling asset-backed deposits, checking accounts, payments, and financing services through blockchain technology. The venture will operate within a sandbox model, integrating Fasset’s existing crypto-focused super application into a comprehensive banking layer.