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Fasset has received a Labuan FSA provisional license to launch a stablecoin-powered Islamic digital bank, enabling Shariah-compliant deposits, zero-interest accounts and cross-border payments targeted at underserved markets in Asia and Africa.
Labuan FSA provisional license enables regulated Shariah-compliant banking sandbox
Fasset will offer deposit-taking, zero-interest accounts, cross-border payments and crypto debit cards.
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Fasset serves 500,000 users in 125 countries and plans an Ethereum L2 for real-world asset settlement.
Fasset Islamic digital bank: Labuan FSA provisional license enables stablecoin-powered Shariah banking for Asia and Africa—learn services, timeline and how to access them.
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Fasset has received a provisional license from the Labuan Financial Services Authority to operate a stablecoin-powered, Shariah-compliant digital bank aimed at underserved users across Asia and Africa.
What is the Fasset Islamic digital bank?
Fasset Islamic digital bank is a Labuan FSA-sanctioned, stablecoin-driven financial offering that combines Shariah-compliant deposit and payment services with digital savings and investment access. The sandbox license covers regulated, zero-interest accounts, deposit-taking and cross-border stablecoin payments for users in targeted markets.
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How does the Labuan FSA license enable stablecoin banking?
The provisional license permits Fasset to operate within the Labuan International Business and Financial Centre under a regulated sandbox framework. This enables the firm to store customer funds, facilitate cross-border transfers using stablecoins and pilot zero-interest banking while complying with Labuan FSA oversight.
Fasset currently serves approximately 500,000 users across 125 countries and will leverage that user base to test Shariah-compliant products in the sandbox, aligning fintech innovation with regulatory supervision.
Which services will the Islamic digital bank offer?
Under the provisional authorization, Fasset plans to provide: deposit-taking accounts structured to avoid riba (interest), cross-border payments using stablecoins, digital savings and yield products that adhere to Shariah principles, and investment access to US stocks, gold and approved crypto.
The firm also intends to issue a crypto debit card for daily spending and to launch “Own,” an Ethereum layer-2 built on Arbitrum for settling real-world asset transactions.
Why is stablecoin use significant for payments?
Stablecoins enable faster, lower-cost cross-border transfers and 24/7 settlement potential compared with traditional rails. Recent industry moves include pilots that pre-fund cross-border transactions with USD and EUR stablecoins and collaborative efforts by major payment and settlement networks to test blockchain settlement platforms.
Industry references: Visa pilots using USDC and EURC for cross-border pre-funding; SWIFT and Consensys collaborations on blockchain settlement platforms are advancing real-time settlement capabilities as plain-text references.
Frequently Asked Questions
How does Shariah compliance affect banking products?
Shariah-compliant banking avoids interest (riba), limits excessive uncertainty (gharar) and excludes investments in prohibited sectors. Fasset will structure products—such as zero-interest accounts and halal investment vehicles—to meet these requirements under Shariah oversight.
When will services be available to customers?
Services will launch in phases inside the Labuan sandbox following regulatory approvals and pilot completion. Fasset has licensed activities in multiple jurisdictions, and rollout timing will depend on sandbox performance and additional clearances.
Key Takeaways
- Regulated sandbox: The Labuan FSA provisional license allows Fasset to test Shariah-compliant banking within the Labuan IBFC.
- Stablecoin payments: Fasset will use stablecoins to enable cross-border transfers and low-cost settlement.
- Product roadmap: Zero-interest deposits, crypto debit card and an Ethereum L2 for real-world assets are planned.
Conclusion
Fasset’s Labuan FSA provisional license marks a notable step toward regulated, stablecoin-powered Islamic banking targeted at underserved regions in Asia and Africa. By combining Shariah governance with stablecoin rails and digital banking services, the firm aims to expand access to halal financial products while operating under regulatory oversight. Watch for phased rollouts and sandbox results to measure adoption and compliance outcomes.
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