Fasset will appoint Rafiza Ghazali as Managing Director for Consumer Banking as it advances plans for regulated consumer and SME banking services. The appointment takes effect on 1 February 2026.
This follows conditional approval from Malaysia’s Labuan Financial Services Authority under the Labuan i-BOX regulatory sandbox for Islamic digital banks.
Rafiza has more than two decades of experience in central banking, capital markets, Islamic finance and digital banking.
She led the end-to-end establishment and launch of KAF Digital Bank, overseeing the bank from initial setup through full operations.
In her new role, she will drive Fasset’s global stablecoin-led consumer banking strategy in retail, private, SME and trade finance segments and help scale digital banking operations from Malaysia under the Labuan framework while using the group’s multi-jurisdictional banking and compliance infrastructure.
Before joining KAF Digital Bank, Rafiza was Group Chief Executive Officer of Cradle Fund, working with government ministries on Malaysia’s startup support framework.
Her earlier career includes senior roles at RHB Investment Bank, Bank Negara Malaysia, Thomson Reuters and Cagamas.
Fasset said the appointment supports its shift from regulatory preparations to execution of Shariah-aligned banking services globally.
The company reported one million retail app downloads in 2025, annualised volume of about US$12 billion and an enterprise user base of more than 1,000 SMEs.
Mohammad Raafi Hossain, CEO and Co-Founder of Fasset, added,
“Rafiza brings firsthand end-to-end experience in building and running a regulated digital bank. Her knowledge of the Islamic finance world also enables us to build on our foundations to become a multi-jurisdictional Shariah-compliant digital bank.
We’re excited to welcome her to our leadership team as we shift from licensing to execution in our mission to scale trusted, Shariah-aligned banking infrastructure.”
Rafiza Ghazali said,
“Fasset’s mission to expand financial access and build inclusive digital infrastructure regardless of geography or background strongly resonates with me, and I look forward to shaping their consumer banking operations and deepening engagement that serves both global aspirations and local needs.”
Featured image: Edited by Fintech News Malaysia, based on image by mangpor2004 via Freepik
