The digital asset infrastructure provider Fasset from the United Arab Emirates (UAE) has forged a partnership with Malaysian lender Malaysia Building Society Berhad (MBSB) to explore blockchain-powered Shariah-compliant banking solutions in Malaysia. The collaboration was formalized through a letter of intent signed at the KL20 Summit on Monday.

This strategic alliance signifies Fasset’s upcoming entry into the Malaysian market, following successful ventures in Indonesia and the UAE. The partnership is poised to introduce innovative digital asset solutions to MBSB Group’s extensive customer base in Malaysia, facilitating access to various digital asset classes and enhancing the overall banking experience.

One of the key highlights of this collaboration is the development of an online banking platform that offers a fully regulated digital asset investment proposition. Through this platform, users will have the opportunity to engage in secure transactions involving digital assets, including tokenized gold, equities, sukuk, and rahnu.

Moreover, customers will benefit from the ability to diversify their investment portfolios seamlessly, earn additional profits through staking, and achieve a higher level of diversification through bundling, a feature that is not easily achievable in traditional portfolios.

Wan Kamaruzaman Bin Wan Ahmad, Chairman of MBSB, emphasized the institution’s commitment to embracing technological advancements in the banking sector. He highlighted the collaborative efforts with Fasset as a testament to MBSB’s dedication to innovation and adaptability in a rapidly evolving market.

Echoing this sentiment, Mohammad Raafi Hossain, CEO of Fasset, underscored the company’s mission to empower individuals worldwide in managing their wealth through secure and transparent blockchain technology. He expressed enthusiasm about the partnership with MBSB and the prospect of delivering cutting-edge digital asset investment solutions to users in Malaysia.

Fasset, co-founded by Mohammad Raafi Hossain and Daniel Ahmed, has secured significant funding and established partnerships with various entities in the financial sector. The company’s collaboration with MBSB marks a significant milestone in its expansion strategy across emerging markets.

As Fasset continues to navigate the regulatory landscape and expand its presence in Malaysia and beyond, the partnership with MBSB sets the stage for a new era of digital asset investment and financial services in the region.