Fasset, a digital asset investment platform, has been given a provisional banking license in Malaysia, clearing the way for what it calls the world’s first stablecoin-powered Islamic digital bank.

The move places Fasset within a regulated sandbox for Islamic fintech, enabling the company to expand its existing digital asset platform into full-service banking, the company said in a press release on Tuesday.

With the new license, Fasset plans to offer Shariah-compliant savings, financing, and investment services that use stablecoins and tokenized assets. Customers will be able to hold deposits, invest in U.S. stocks, gold, and crypto, and spend through a planned Visa-linked crypto card.

CEO Mohammad Raafi Hossain said the new license combines “the credibility of a global banking instituti

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