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

Group 1: Company Overview - Fasset has received approval from Malaysia to launch full-service digital banking services within a regulated Islamic fintech sandbox, making it the world's first stablecoin-powered Islamic digital bank [1] - The platform currently serves over 500,000 users across 125 countries and aims to provide access to Shariah-compliant financial products [2] - Fasset has built a solid foundation in Islamic finance, recording over $6 billion in annualized trading volume, projected to reach $24 billion by 2026 [4] Group 2: Services and Offerings - Fasset is introducing everyday banking services, global investments, and crypto-backed spending options, including a crypto debit card that allows users to spend cryptocurrencies in Visa-supported stores [2][5] - The company plans to provide zero-interest banking products along with access to crypto investment [5] Group 3: Industry Context - The global Islamic finance industry surpassed $5 trillion in assets in 2025, but Shariah-compliant financial products remain largely inaccessible across the pan-Islamic belt [4] - Fasset's expansion comes amid a surge in crypto adoption across Asia, where around 23–24% of people hold or use digital assets, nearly three times the global average [6]