Fasset, a UAE-based fintech platform, today announced the launch of IOWN, an Ethereum Layer 2 blockchain focused on Real World Asset (RWA) ownership. The launch follows the approval of Fasset’s Credit Token Licence from Labuan Financial Services Authority (Labuan FSA), regulator of the Labuan IBFC in Malaysia. IOWN – named as such to emphasize individual OWNership of assets – is the first Ethereum L2 chain backed by a government regulator, built for the creation, management and distribution of RWA, democratizing access to these assets for people in emerging markets.
Working hand in hand with regulators, the IOWN chain will enable the growth of a trusted ecosystem for projects and end users looking to engage with a wide range of RWA, from commodities and real estate to publicly traded stocks and bonds. Fasset’s aim with IOWN is to create a safe, secure and regulated environment for asset ownership across the world. As part of its “30 by 30” plan, Fasset aims to create 30 million asset owners through IOWN by 2030.
Leveraging Fasset’s established distribution network and licensing portfolio across emerging markets, IOWN has an inherent advantage over other L2 chains. The network offers developers with an ecosystem that enables them to meet the specific legal, regulatory and operational requirements of different asset classes. For end users, IOWN provides a decentralized, open source and immutable ecosystem, enabling them to easily, safely and securely invest in assets of their choice. The native token (also named IOWN) will be launched in the near future. With lower transaction fees, token holders from emerging markets will have the opportunity to participate and benefit from greater staking rewards, yield farming and governance control.
Speaking to attendees of the MIFC event in London, Mohammad Raafi Hossain, CEO and Co-Founder of Fasset, said: “Our mission is to foster a future where financial inclusion and empowerment are not privileges but universal rights. The launch of IOWN is a huge leap towards this ambition of bringing previously inaccessible opportunities to emerging markets. With IOWN, the promise of blockchain is fully realized – delivering not just technological innovation, but a tangible impact on global economic disparity, lighting the way for a future where everyone shares the fruits of the digital economy”.
“Labuan IFC is playing a pivotal role in advancing Islamic finance. The IOWN Blockchain is in line with the Masterplan for Labuan Shariah-Compliant Blockchain Hub launched in May this year, to transform Labuan IBFC into a digital financial hub and a launch pad for blockchain technology, establishing a complete digital ecosystem. We are excited to see the integration of technology-driven innovation and Islamic finance harnessing within a well-regulated environment in Labuan IBFC. We believe that IOWN will set a new bar for the industry and Labuan FSA is optimistic that these new breakthroughs will pave the way for greater advancements in the global Islamic finance landscape moving forward” says Nik Mohamed Din Nik Musa, Director-General of Labuan FSA.
In 2022, Labuan FSA announced the launch of the Islamic Digital Assets Center (IDAC) as an alternative platform to conventional digital finance. IDAC is the world’s first Web3 sandbox promoting advanced Islamic Finance products. IDAC has carved out a niche for itself by focusing on the digital Islamic space, attracting digital asset and fintech players to Labuan. IOWN will become the de facto chain for all Web3 projects coming out of IDAC, fuelling the growth of this sector to build a robust set of products based on Islamic Finance.
Fasset has accumulated a large digital assets licensing portfolio in emerging markets, connecting places like the UAE, Indonesia, Malaysia, Bangladesh, Pakistan and Türkiye. Since its launch, Fasset has been launching a range of innovative products. It currently offers cryptocurrencies, stablecoins, metals, tokenized US securities and bundles on its platform, and plans to expand into other asset classes in the near future.
