Fasset, the global banking and investment platform, has named Rafiza Ghazali as Managing Director of Consumer Banking, marking a strategic move as the company prepares to launch the world's first stablecoin-based Islamic digital bank following provisional approval from Malaysia's Labuan FSA regulator.
Ghazali brings more than 20 years of expertise spanning central banking, capital markets, Islamic finance, and digital banking. Her credentials include leading KAF Digital Bank—Malaysia's second Islamic digital bank—from conception to full launch, positioning her among Southeast Asia's elite group of executives with complete digital bank lifecycle experience.
"Fasset's commitment to expanding financial access and building inclusive digital infrastructure resonates deeply with me," Ghazali said. "I'm eager to shape our consumer banking operations and strengthen engagement that addresses both global ambitions and local requirements."
Taking effect February 1, 2026, the appointment supports Fasset's vision of delivering trusted, Shariah-compliant banking services built on regulatory excellence and institutional-grade governance for worldwide customers. The platform ranks among the fastest-growing Islamic digital investment platforms, recording 1 million retail app downloads in 2025, USD 12 billion in annualised volume, and serving over 1,000 SME clients.
Ghazali will spearhead Fasset's global stablecoin-driven banking strategy across retail, private, SME, and trade finance sectors. She'll oversee the expansion of digital banking operations from Malaysia under Labuan's regulatory framework, utilizing Fasset's multi-jurisdictional banking and compliance infrastructure worldwide.
Before joining KAF Digital Bank, Ghazali led Cradle Fund Sdn Bhd as Group CEO, transforming Malaysia's startup support ecosystem alongside government ministries. Her career includes senior positions at RHB Investment Bank, Bank Negara Malaysia, Thomson Reuters, and Cagamas—experience that directly supports Fasset's goals of scaling consumer banking operations to satisfy regulators, institutional partners, and global markets.
Mohammad Raafi Hossain, CEO and Co-Founder of Fasset, commented: "Ghazali delivers comprehensive experience in establishing and operating a regulated digital bank. Her Islamic finance expertise strengthens our foundation as we evolve into a multi-jurisdictional Shariah-compliant digital bank. We're thrilled to welcome her as we transition from licensing to execution in scaling trusted, Shariah-aligned banking infrastructure."
Founded by Mohammad Raafi Hossain and Daniel Ahmed, Fasset has secured USD 26.7 million in funding and maintains offices in Dubai and Jakarta. The platform holds regulatory approvals across multiple countries, including the UAE, Indonesia, Labuan, the EU, Turkey, and Pakistan for tokenised asset offerings. In 2024, Fasset launched Own, its Ethereum Layer 2 solution designed to democratize access to decentralized finance globally.