Asia Digital Bank adopts Cosmos Tech to build a digital banking system

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Asia Digital Bank adopts Cosmos Tech to build a digital banking system

By Leandra Monteiro

October 20, 2021

  • Asian digital bank
  • Asia Pacific
  • Bianjie

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

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

Andy Liu, Chairman of Asia Digital Bank, said, “We are delighted that Bianjie, a leader in blockchain technology innovation, is partnering with Asia DB. This technical cooperation will accelerate the development of our new generation of digital banking system. With the support of Bianjie, we believe that through the adoption of Cosmos-based blockchain stacks geared towards advanced enterprises, we can support innovative financial services that will generate lasting impacts for ASEAN, China, the Islamic financial market and the whole world in building inclusive finance. ecosystem “.

Asia DB was initiated and established by Asia Pacific Investment Bank at Labuan International Business and Financial Centre. On November 28, 2019, it was officially approved by the Labuan Financial Services Authority (Labuan FSA) as a holder of a digital financial business license established by Nanjing Zijin Investment Group, a public company in the city of Nanjing, Asia DB is under the guidance of People’s Application Demonstration Base of Digital Currency Research Institute of Bank of China (Nanjing) when implementing innovative financial services to support efficient international trade activities for Chinese companies. Founded in a strategic cooperation between Nanjing and Labuan IBFC and Labuan FSA, the world’s first licensed digital investment bank aims to create an inclusive self-service financial platform for global transactions of digital assets using blockchain technology.

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