Fasset, a digital asset investment platform, has been awarded a provisional banking license in Malaysia, clearing the way for what the first Islamic digital bank that worked with Stablcoin in the world.
The move places Fasset inside a regulated sand box for Islamic Fintech, which allows the company to expand its digital asset platform existing in the full service bank, the company said in a press release on Tuesday.
With the new license, Fasset plans to offer savings, financing and investment services that comply with the Shariah they use established tokenized. Customers may maintain deposits, invest in American actions, gold and cryptography, and spend through a cryptographic card linked to planned visa.
CEO Mohammad Raafi Hossain said the new license combines “the credibility of a global banking institution with the innovation of an insurgent Fintech.” Fasset also plans to implement “Own”, an Ethereum Layer 2 network built in the referee, to resolve regulated assets of the real world in the chain.
The company said that its Stablecoin infrastructure allows users to avoid products that generate interest while preserving the value of their assets against inflation or foreign exchange changes. Shariah prohibits all forms of interest (known as border).
Fasset aims to address a persistent gap in financial inclusion in the world Islamic finance industry of $ 5 billion. Access to halal financial products supported by assets remains limited in many Muslim majority regions, especially in Asia and Africa.
In March last year, Fasset won a license to operate in Dubai as a supplier of virtual asset services (VASP), and the company based in Dubai and Jakarta said that its platform is already processing more than $ 6 billion in volume of transactions annualized in 125 countries.
