Overview

• The Labuan Financial Services Authority granted Fasset a provisional banking license that allows operation within an offshore regulated sandbox, which the company frames as enabling the first stablecoin-powered Islamic digital bank.
• The approval positions Fasset to develop Shariah-compliant deposit-taking, zero-interest accounts, cross-border payments, and investment access using stablecoins and tokenized assets.
• Fasset plans a Visa-linked crypto debit card with Apple Pay and Google Pay integration to support everyday spending in stablecoins.
• The company intends to launch Own, an Ethereum Layer 2 built on Arbitrum, to settle regulated real-world assets on-chain.
• Fasset cites more than $6 billion in annualized transaction volume, over 500,000 users across 125 countries, and prior approvals in the UAE, Indonesia, the EU, Turkey, Pakistan, and a Bahrain tokenization pilot, with a focus on serving Muslim-majority markets in Asia and Africa.