Asia Digital Bank adopts Cosmos Tech to build digital banking system

By Leandra Monteiro

Asia Digital Bank, the first recipient of the Digital Banking license issued by Labuan Financial Services Authority in Malaysia and an innovative global digital asset operator, announced a strategic partnership with Bianjie, IRISnet’s Core team, and a Cosmos Core Contributor since genesis. ADB with Bianjie’s support plans to build new digital financial infrastructure that supports seamless integration of centralized and decentralized financial services.

Powered by Cosmos’ scalable, sovereign, interoperable blockchain stack, this new digital banking infrastructure will support the realization of a lawful self-service financial paradigm. Utilizing DID, NFT, big data privacy protection, and interchain technologies via the Cosmos-based enterprise suite, IRITA, ADB’s firms and individual users can manage both centralized bank accounts as well as accounts on open distributed ledgers connected through Cosmos/IRISnet Hubs. The vision behind this blockchain-empowered digital banking system is to provide more secure, cost-effective, transparent, and lawful financial services for both consumers and enterprise and users around the globe.

Andy Liu, Chairman of Asia Digital Bank said, “We are delighted to have the leading blockchain technology innovator Bianjie join forces with Asia DB. This technical cooperation is going to expedite our new generation of digital banking system development. With Bianjie’s support, we believe through the adoption of advanced enterprises-oriented Cosmos-based blockchain stacks, we can support innovative financial services that will generate lasting impacts for ASEAN, China, the Islamic financial market, and the whole world in building an inclusive financial ecosystem.”

Asia DB was initiated and established by the Asia Pacific Investment Bank in Labuan International Business and Financial Centre. On November 28, 2019, it was officially approved by Labuan Financial Services Authority (Labuan FSA) as a digital financial business licensee  established by Nanjing Zijin Investment Group, a state-owned enterprise of Nanjing City, Asia DB is under the guidance of the People’s Bank of China’s Digital Currency Research Institute (Nanjing) Application Demonstration Base when carrying out innovative financial services to support efficient international commerce activities for Chinese enterprises. Founded under strategic cooperation between Nanjing and the Labuan IBFC and Labuan FSA, this world’s first batch of licensed digital investment bank aims to build an inclusive self-service financial platform for global digital asset transactions using blockchain technology.