GreenPro Set to Launch Shariah-Compliant Digital Bank for Fiat-Crypto Settlements

GreenPro Capital Corp. (GRNQ) has received conditional approval to establish a Shariah-compliant digital bank that can facilitate fiat-crypto settlements. The new bank will offer a range of services on a blockchain-enabled platform, aligning with Malaysia's goals in Islamic finance and fintech while emphasizing ESG and financial inclusion. Despite additional regulatory requirements, this milestone marks a significant step towards providing inclusive and future-ready financial services.

Greenpro Capital Corp. (GRNQ) has taken a significant stride in the financial technology landscape by securing conditional approval from the Labuan Financial Services Authority (Labuan FSA) to establish a Shariah-compliant digital bank. This approval positions Greenpro to launch one of the world's first digital banks capable of accepting both fiat and cryptocurrency deposits [1].

The new Green Digital Bank will operate under the Guidelines on the Establishment of Islamic Digital Bank (i-BOX) within the Labuan International Business and Financial Centre (Labuan IBFC) framework. This groundbreaking approval allows Greenpro to integrate Shariah-compliant banking principles with fiat-crypto interoperability, creating a fully integrated financial ecosystem [1].

The bank will offer a comprehensive suite of services, including digital deposits, Islamic financing, investment products, and cross-border payment solutions, all delivered through a blockchain-enabled and Shariah-compliant platform. This forward-looking approach ensures compatibility with major cryptocurrencies such as USDC and other stablecoins compliant with the U.S. GENIUS Act [1].

Greenpro's strategic move aligns with Malaysia's ambition to lead in Islamic finance and fintech innovation, while also advancing Environmental, Social, and Governance (ESG) goals and promoting financial inclusion. The company aims to build a digital asset reserve backed by profits from its Green Digital Bank operations, further strengthening its balance sheet [1].

Despite the conditional approval, Greenpro must still fulfill additional regulatory and operational conditions before launching full operations. This initiative represents a significant milestone for Greenpro, positioning the company at the intersection of Islamic banking, digital banking, and cryptocurrency services [2].

The regulatory framework under which this approval was granted, offered by Labuan IBFC, provides a unique environment that balances oversight with financial innovation, particularly in cryptocurrency integration. This could give Greenpro a first-mover advantage in the ASEAN region's Shariah-compliant digital banking space [2].

References:
[1] https://www.morningstar.com/news/accesswire/1042385msn/greenpro-set-to-launch-green-digital-bank-enabling-fiat-crypto-settlement
[2] https://www.stocktitan.net/news/GRNQ/green-pro-set-to-launch-green-digital-bank-enabling-fiat-crypto-uf0qkog29elk.html