Dubai, UAE – Fasset, a UAE-based fintech platform, has officially launched IOWN, a groundbreaking Ethereum Layer 2 (L2) blockchain designed to revolutionize Real World Asset (RWA) ownership. The launch comes on the heels of Fasset securing a Credit Token License from the Labuan Financial Services Authority (Labuan FSA) in Malaysia, the regulator of the Labuan International Business and Financial Centre (IBFC).
IOWN, which stands for Individual OWNership of Assets, is the first Ethereum L2 blockchain to be backed by a government regulator. It is designed to facilitate the creation, management, and distribution of RWAs, democratizing access to commodities, real estate, publicly traded stocks, and bonds for individuals in emerging markets. Fasset’s vision is to provide a safe, secure, and regulated environment for asset ownership worldwide.
As part of its ambitious “30 by 30” plan, Fasset aims to enable 30 million people to own assets through IOWN by 2030.
Fostering Financial Inclusion
In his address at the MIFC event in London, Mohammad Raafi Hossain, CEO and Co-Founder of Fasset, emphasized the platform’s mission:
“Our goal is to build a future where financial inclusion is a universal right, not a privilege. The launch of IOWN is a major step toward this vision, providing access to opportunities that have previously been inaccessible to people in emerging markets. With IOWN, the true potential of blockchain is realized—not just as a technological innovation, but as a tool to reduce global economic disparity.”
IOWN’s Ecosystem and Features
Leveraging Fasset’s established distribution network across emerging markets, IOWN is uniquely positioned to meet the regulatory and operational requirements of different asset classes. For end users, the platform offers a decentralized, open-source, and immutable ecosystem where they can safely invest in a variety of assets.
The native token, also called IOWN, will be introduced soon, allowing token holders to enjoy lower transaction fees, greater staking rewards, and governance control. The platform will also support yield farming, providing additional opportunities for users in emerging markets to participate in and benefit from the global digital economy.
Labuan IBFC and Islamic Finance
Nik Mohamed Din Nik Musa, Director-General of Labuan FSA, hailed IOWN as a milestone for Islamic finance and blockchain innovation.
“Labuan IBFC is at the forefront of advancing Islamic finance. The IOWN blockchain aligns with the Labuan Shariah-Compliant Blockchain Hub’s Masterplan, launched earlier this year, aimed at positioning Labuan as a digital financial hub. The combination of blockchain technology with Islamic finance will set a new standard for the industry, and Labuan FSA is optimistic that this breakthrough will spur further advancements in the global Islamic finance landscape.”
In 2022, Labuan FSA launched the Islamic Digital Assets Center (IDAC), the world’s first Web3 sandbox for Islamic finance. IDAC has carved out a niche in the digital Islamic space, attracting fintech players to Labuan. With IOWN now established as the de facto chain for all Web3 projects emerging from IDAC, the platform is set to drive innovation in Islamic finance products, supporting the growth of this sector.
Fasset’s Growing Footprint
Since its inception, Fasset has built a comprehensive digital assets licensing portfolio across emerging markets, including the UAE, Indonesia, Malaysia, Bangladesh, Pakistan, and Türkiye. The platform currently offers cryptocurrencies, stablecoins, metals, tokenized US securities, and bundled investment products, with plans to expand into additional asset classes.
Fasset’s progress in the fintech space is backed by $26.7 million in funding and licenses from Labuan FSA and Dubai’s Virtual Asset Regulatory Authority (VARA), allowing the company to offer digital asset services to both retail and institutional investors globally.
About Fasset
Founded by Mohammad Raafi Hossain and Daniel Ahmed, Fasset is a leading fintech platform that allows individuals and businesses to securely invest in a wide range of digital assets from anywhere in the world. The platform is known for its commitment to financial inclusion and innovation in the emerging markets sector.
About Labuan Financial Services Authority
The Labuan Financial Services Authority (Labuan FSA), established in 1996, is the statutory body responsible for developing and regulating Labuan IBFC. Labuan FSA ensures that licensed entities operate in compliance with Labuan laws, international standards, and regulations, fostering an environment of trust and transparency.
With this launch, Fasset continues to lead the way in democratizing access to asset ownership and driving innovation in the global financial landscape. The introduction of IOWN marks a significant step forward for both blockchain technology and the broader mission of financial inclusion.
