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Fasset Secures Provisional Banking License to Become World’s First Stablecoin-Powered Islamic Bank
Fasset, a leading global financial superapp, has secured approval from Malaysia to provide banking services. The license completes Fasset’s ability to provide full-service digital banking to its existing global user base of 500,000 within a regulated sandbox for Islamic fintech innovations, establishing Fasset as the world’s first stablecoin-powered Islamic digital bank.
Fasset seeks to become for people in Asia and Africa what NuBank has been for Latin America: a mass-market gateway to financial inclusion. There is already strong demand – the global Islamic financial industry surpassed US$5T in assets in 2025, with projections suggesting this could double by 2030. Yet access to Shariah-compliant financial products remains limited across much of the pan-Islamic belt. Fasset is closing this gap.
Powered by its regulatory and tech infrastructure, Fasset has built strong Islamic finance foundations as a digital asset platform, serving retail users across 125 countries and an institutional client base that has grown tenfold in 2025. The platform now records over US$6B in annualized volume, projected to hit US$24B by the end of 2026. The approval of the provisional license marks a major milestone, expanding Fasset’s remit from digital asset investing into full-service, Shariah-compliant banking. As a deposit-taking institution, Fasset will provide asset-backed banking services on-chain, via its secure, all-in-one financial superapp. Users can now access zero-interest banking products alongside investments in U.S. stocks, gold, and cryptocurrencies.
Mohammad Raafi Hossain, CEO and Co-Founder of Fasset, said: “We’ve been told for years what’s ‘impossible’: that Islamic finance can’t go global, that banks can’t be built on crypto, that financial freedom isn’t for emerging markets. We’re here to prove otherwise. We can now combine the credibility of a global banking institution with the innovation of a fintech insurgent that’s fully halal. We’re on track for over $24B in volume by year-end 2026, and expect much of that to stay within our Fasset ecosystem, driving strong assets under management and opening the door to new banking services in the future.”
Today’s banking system remains fragmented and exclusionary. Everyday realities include the young professional in Pakistan who has few safe ways to build wealth within the current system, a family in Bangladesh seeing their savings eroded by inflation, or a UAE-based SME struggling to move money across borders. Fasset is designed to solve this through services such as Shariah-compliant investment opportunities, asset-backed savings products that protect against currency volatility, and instant cross-border payments designed for businesses of all sizes.
Fasset has built credibility as a secure and compliant platform for building wealth through its multiple licenses across jurisdictions. In addition to the latest license from Malaysia’s Labuan FSA, the company holds various licenses from regulators in UAE, Indonesia, the EU, Turkey, Pakistan and others. This regulatory foundation has enabled Fasset to deliver Shariah-aligned products such as collateralized loans, asset-backed financing and asset-generating yields. The new license expands Fasset’s remit into a fully Shariah-compliant financial ecosystem.
Following its license approval, Fasset will expand its offering in the coming months by enabling everyday banking services, investment in global assets and markets, and spending via a crypto card to its global user base. The crypto debit card will be used for online and in-store purchases wherever Visa is accepted, as well as payments through Google Pay and Apple Pay. Fasset also plans to launch Own, an Ethereum Layer 2 built on Arbitrum that settles real-world assets from regulated institutions.
“The goal is to rewrite the rules, making banking seamless and accessible, regardless of where customers live,” continues Fasset’s Mohammad Raafi Hossain. “There are Islamic banks, and there are crypto banks. But we’re determined to be both: a fully Shariah-compliant bank that runs on stablecoin rails. That’s what makes this approval unique.”
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- Galaxy Premium Yield 2: Earn 8.00% APY through an investment note issued by Galaxy Digital LP, a subsidiary of Galaxy Digital Inc. and available exclusively to U.S. accredited investors on GalaxyOne. Yield is generated by Galaxy's institutional lending business, active since 2018. Each investment requires a $25,000 minimum and is capped at $1 million per investor with an initial $250 million total investment cap. Interest accrues daily and is paid monthly into the GalaxyOne Cash account.
- GalaxyOne Cash 3: Earn 4.00% APY in a high-yield cash deposit account FDIC insured up to $250,000. Banking services are provided by Cross River Bank, member FDIC.
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- GalaxyOne Brokerage: Access commission-free trading of more than 2,000 U.S stocks and ETFs in individual brokerage accounts. Retirement accounts (traditional and Roth IRAs) are also available. Fractional share trading is available with a $10 minimum per trade. Clients have the option to earn passive income by lending their eligible stocks through the GalaxyOne Stock Lending program4.
GalaxyOne was originally developed under the name Fierce, which Galaxy acquired in 2024. The platform is led by Zac Prince, Managing Director at Galaxy, alongside the original development team. Fierce's former CEO, Rob Cornish, will continue to support the platform's operations as Chief Technology Officer of Galaxy. GalaxyOne sits alongside GalaxyOne Institutional as part of a unified suite of products, each tailored to client needs, but both built to Galaxy's institutional standards of security, scale, and risk management.
"As technology reshapes how people invest, expectations are clear: more yield, easier access from a single platform, and opportunities that extend beyond traditional boundaries," said Mr. Prince. "GalaxyOne delivers exactly that: a unified opportunity to earn yield on cash, trade crypto, and access U.S. equities, all supported by Galaxy's financial discipline, institutional oversight, and professional team trusted by some of the world's most sophisticated institutions. We have an exciting roadmap ahead and are excited to deliver a differentiated financial experience to our clients. This is just the beginning."
To sign up and learn more about GalaxyOne, please visit: https://one.galaxy.app/sign-up
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