Fasset, a fintech platform based in the UAE, has introduced IOWN, a new Ethereum Layer 2 blockchain designed to revolutionize the ownership of Real World Assets (RWA). This development marks a significant step in Fasset’s goal to democratize access to RWAs, especially for individuals in emerging markets. The launch of IOWN is backed by regulatory approval from the Labuan Financial Services Authority (Labuan FSA) in Malaysia, which had previously granted Fasset a Credit Token License. The name “IOWN” was chosen to highlight the core concept of individual ownership, reflecting the platform’s mission to empower users with greater control over their assets.
IOWN stands out as the first Ethereum Layer 2 chain to receive the backing of a government regulator, specifically designed to facilitate the creation, management, and distribution of RWAs. This blockchain solution aims to create a safe, secure, and well-regulated environment where users can engage with various asset classes, including commodities, real estate, publicly traded stocks, and bonds. By collaborating closely with regulators, Fasset is building a trusted ecosystem that promises to foster the growth of decentralized asset ownership on a global scale.
The launch of IOWN also aligns with Fasset’s ambitious “30 by 30” plan, a roadmap aiming to create 30 million asset owners by the year 2030. By democratizing access to previously unattainable assets, particularly in emerging markets, Fasset envisions a future where asset ownership becomes more inclusive and widespread.
An Advantage in Emerging Markets
Fasset’s presence in emerging markets offers a unique advantage for IOWN over other blockchain solutions. The platform is able to leverage an extensive distribution network and a robust licensing portfolio across several countries, which provides a solid foundation for growth. IOWN is designed to meet the complex legal, regulatory, and operational requirements of various asset classes, ensuring compliance with local laws while offering a decentralized, open-source ecosystem. For users, IOWN presents an immutable and secure environment where they can invest in assets confidently and safely.
A native token named IOWN will be launched as part of this new ecosystem, enabling users from emerging markets to benefit from lower transaction fees, increased staking rewards, and greater governance control. Token holders will also have access to yield farming opportunities, further enhancing their ability to generate returns on their investments. The introduction of these features is expected to drive significant participation in the IOWN ecosystem, particularly among users who have been traditionally excluded from financial markets.
At the recent MIFC event in London, Fasset’s CEO and Co-Founder, Mohammad Raafi Hossain, discussed the broader vision behind the launch of IOWN. He highlighted that the platform is rooted in the idea of financial inclusion, aiming to make opportunities previously reserved for the wealthy accessible to people in emerging markets. Hossain emphasized that the launch of IOWN represents a crucial step in this mission, providing tangible benefits and creating a more equitable global economy. By harnessing blockchain technology, IOWN not only promises innovation but also offers a pathway toward addressing economic disparities and promoting financial empowerment.
Labuan’s Role in Advancing Blockchain and Islamic Finance
Labuan, a key jurisdiction in advancing Islamic finance, plays an important role in Fasset’s vision for IOWN. The IOWN Blockchain aligns with the broader strategy set forth by Labuan’s Shariah-Compliant Blockchain Hub, which was launched earlier in 2023. This initiative seeks to transform Labuan IBFC into a digital financial hub, laying the foundation for the integration of Islamic finance with blockchain technology. The Labuan Financial Services Authority (Labuan FSA) sees this collaboration as a key driver for the growth of Islamic finance in the digital space. According to officials at Labuan FSA, IOWN is expected to set a new standard for innovation within the industry, contributing to future advancements in Islamic finance globally.
In 2022, Labuan FSA launched the Islamic Digital Assets Center (IDAC), an alternative platform focused on promoting advanced Islamic finance products through Web3 technology. IDAC has become the world’s first Web3 sandbox dedicated to Islamic finance, attracting numerous fintech players to Labuan and fostering innovation within the space. With IOWN now in place, it will become the primary blockchain for all Web3 projects emerging from IDAC, driving growth in Islamic finance and expanding the range of products available in this niche sector.
Expanding Fasset’s Digital Asset Offerings
Fasset’s strategy of expanding into new asset classes and markets is well underway. Since its inception, the platform has launched a wide array of innovative products, including cryptocurrencies, stablecoins, tokenized U.S. securities, and bundles of metals. The addition of IOWN to its ecosystem further strengthens Fasset’s position as a key player in the fintech space, particularly in regions like the UAE, Indonesia, Malaysia, Bangladesh, Pakistan, and Türkiye.
As part of its ongoing efforts to expand its offerings, Fasset plans to continue introducing new asset classes that will appeal to a diverse range of investors. By leveraging the power of blockchain technology and aligning its products with regulatory standards, Fasset aims to make investing in digital assets more accessible and secure for users across emerging markets.
With the launch of IOWN, Fasset is positioned to transform the financial landscape in these regions, providing greater access to RWAs and bridging the gap between traditional finance and the decentralized world. The platform’s commitment to financial inclusion, regulatory compliance, and innovation makes it a leader in the drive toward a more equitable and accessible global financial system.