Vasat received a temporary license from the Malaysia Financial Services Authority (FSA) to launch what the company said is the first “Islamic digital bank”.
Fasset license, which is the Super All-in-One, allows work within an organized sandy box that focuses on financial products compatible with Sharia, the company He said In a press release on Tuesday.
“We can now combine the credibility of a global banking institution with a rebel innovation from Fattel, which is a complete halal,” said Vasit CEO Mohamed Ravin.
Islamic financing refers to the financial system Based on Islamic law (Sharia)any The interest is prohibited (RIBA), avoids excessive risks and uncertainty (GHARAR) and prohibits investment in harmful or immoral industries such as alcohol, gambling or porn.
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Vasit expands to Islamic digital banking services
The recent approval of Fasset, which serves 500,000 users in 125 countries, provides deposit deposit services, border payments and zero banking services.
Dubai -based company said it aims to repeat the success of Nubank in Latin America, but for the deprived markets throughout Asia and Africa. The company provides digital savings and return products and access to American stocks, gold and encryption.
FASSET also plans to release a daily spending discount card and launch “OWN”, which is the ETHEREUM 2 layer based on the expression to settle assets in the real world. The company also received licenses in the United Arab Emirates, Indonesia, Turkey and the European Union.
License from Labwan FSA Allow A financial entity operates at the Labwan International Business and Finance Center (IBFC), an external financial center subject to organized in Malaysia. The license is not equivalent to a full digital bank license from the Bank Negara Malaysia.
Cointelegraph communicates to Fasset to comment, but he did not receive a response by publishing.
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Last month, the visa I launched a pilot program Allow banks with prior conclusive payments to use USDC to the circuit (USDC(EURC)euro(Stablecoins.
The move came a day after Swift announced its cooperation with Ethereum Developer Conssys and more than 30 financial institutions Blockchain based platform building It aims to enable border payments in actual time 24/7.
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