Fasset, a digital asset investment firm, has secured a provisional banking license in Malaysia, paving the way for what it describes as the world’s first Islamic digital bank powered by stablecoins. The approval places Fasset inside Malaysia’s regulated Islamic fintech sandbox, allowing the company to evolve its current digital asset offering into a fully fledged banking suite, according to a press release issued Tuesday.

With this interim license, Fasset intends to roll out Shariah-compliant savings, financing, and investment products anchored by stablecoins and tokenized real-world assets. The roadmap includes deposit accounts and access to investments spanning U.S. equities, gold, and cryptocurrencies, alongside spending capabilities through a forthcoming Visa-linked crypto card.

“This license marries the credibility of a global banking institution with the innovation of a fintech insurgent,” CEO Mohammad Raafi Hossain said. In tandem, Fasset plans to launch “Own,” an Ethereum Layer 2 network built on Arbitrum, designed to settle regulated real-world assets on-chain and provide the infrastructure needed for compliant digital financial services.

The company emphasized that its stablecoin-based architecture is intended to help customers avoid interest-bearing instruments while maintaining purchasing power amid inflation and currency volatility. Under Shariah principles, all forms of interest (riba) are prohibited. By leaning on asset-backed, on-chain rails, Fasset aims to close a long-standing inclusion gap in the roughly $5 trillion global Islamic finance market, where access to halal, asset-based financial products remains uneven—particularly across parts of Asia and Africa.

Fasset’s latest milestone follows its March of last year approval in Dubai to operate as a Virtual Asset Service Provider (VASP). Headquartered between Dubai and Jakarta, the company says its platform is already handling more than $6 billion in annualized transaction volume across 125 countries, positioning it to bring regulated, Shariah-aligned digital banking services to a broader global audience.