Fintech Startup Fasset Launches Blockchain to Promote Real-World Asset Ownership
Fasset, a UAE-based fintech platform, has launched IOWN, an Ethereum Layer 2 blockchain dedicated to Real World Asset (RWA) ownership. This development follows Fasset's recent approval of its Credit Token Licence from the Labuan Financial Services Authority (Labuan FSA), the regulator overseeing Labuan IBFC in Malaysia. IOWN – an abbreviation for 'individual ownership of assets' – is the first Ethereum Layer 2 chain endorsed by a government regulator. It is designed to facilitate the creation, management, and distribution of RWA, offering access to these assets for people in emerging markets.
By collaborating closely with regulators, the IOWN blockchain aims to cultivate a reliable ecosystem for users and projects seeking to engage with a variety of RWAs, including commodities, real estate, and publicly traded stocks and bonds. Fasset’s ambition is to foster a secure and regulated environment for global asset ownership through IOWN. In line with its "30 by 30" strategy, Fasset seeks to establish 30 million asset owners via the IOWN blockchain by 2030.
Building on Fasset’s extensive distribution network and regulatory credentials across emerging markets, IOWN possesses distinct advantages over other Layer 2 chains. It offers developers an ecosystem that aligns with the legal, regulatory, and operational demands of diverse asset classes. For end-users, IOWN provides a decentralised, open-source, and immutable platform, ensuring the ability to invest in assets safely and securely. The native IOWN token, to be launched soon, will feature lower transaction fees, allowing participants from emerging markets to benefit from greater staking rewards, yield farming, and governance rights.
At the MIFC event in London, Mohammad Raafi Hossain, CEO and Co-Founder of Fasset, remarked: “Our mission is to foster a future where financial inclusion and empowerment are not privileges, but universal rights. The launch of IOWN is a significant step towards making previously inaccessible opportunities available to emerging markets. With IOWN, blockchain realises its full potential, not only driving technological innovation but also making a real impact on global economic disparity, creating a future where everyone can share in the benefits of the digital economy.”
Nik Mohamed Din Nik Musa, Director-General of Labuan FSA, stated: “Labuan IBFC is playing a pivotal role in advancing Islamic finance. The IOWN blockchain aligns with the Labuan Shariah-Compliant Blockchain Hub Masterplan launched earlier this year, aimed at transforming Labuan IBFC into a digital financial hub. The integration of technology-driven innovation within a well-regulated framework marks a major step forward for the Islamic finance sector. Labuan FSA is optimistic that IOWN will set new standards for the industry and drive further advancements in global Islamic finance.”
In 2022, Labuan FSA launched the Islamic Digital Assets Centre (IDAC) as an alternative platform to conventional digital finance. IDAC, the world's first Web3 sandbox promoting advanced Islamic finance products, has carved out a niche by focusing on the digital Islamic space. It has attracted digital asset and fintech innovators to Labuan, and IOWN will become the default blockchain for all Web3 projects emerging from IDAC. This will propel the sector forward by creating a robust portfolio of Islamic finance-based products.
Fasset has built a substantial digital assets licensing portfolio across emerging markets, connecting regions such as the UAE, Indonesia, Malaysia, Bangladesh, Pakistan, and Türkiye. Since its inception, Fasset has introduced a range of innovative products, offering cryptocurrencies, stablecoins, metals, tokenised US securities, and bundled investments on its platform. The company plans to expand its offerings to cover additional asset classes in the near future.
