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Asia Digital Bank Adopts Cosmos Tech to Build New Generation of Digital Banking System

Asia Digital Bank Ltd. (Labuan Investment Bank) (Registration No. LL16434), (licensed Labuan Investment Bank) (License No. 200134BI)(Asia DB), 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 (Registration No. LL11654), (licensed Labuan Investment Bank) (License No. 170120BI)(APIB) in Labuan International Business and Financial Centre (Labuan IBFC). 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.

Bianjie continues to expand Cosmos’ footprint into the enterprise blockchain space through building the Cosmos-SDK-based IRITA consortium blockchain framework. IRITA will be used to build this Asia DB initiated open permissioned blockchain (OPB) to connect its banking business partners and other ecological service collaborators from different countries. This OPB will support legal-friendly stablecoin issuing, digital assets escorting and asset-based securities issuing, and cross-border payments for legitimate global commerce. Additionally, this OPB will integrate with the Cosmos ecosystem through IRISnet Hub for an open, inclusive, and legal-friendly financial services paradigm.

About Bianjie

Bianjie is a Shanghai-based high-tech startup founded in 2016. By leveraging advanced blockchain and big data technologies, Bianjie is focused on blockchain innovative products and solutions for financial and healthcare industries. Bianjie is the Core team behind the development of IRISnet — an interchain service hub for next-generation distributed applications, and is also one of the main open-source early contributors of the Cosmos network project. The team recently developed an enterprise product, a consortium blockchain called IRITA, which uses IRISnet iServices as well as privacy computing technology. Through IRITA, Bianjie is serving important customers in China, including provincial/state level blockchain platforms such as BSN, leading Internet healthcare service providers, and leading insurance service providers.

Contact: 603-2771 6126 / 6017-692 6126   |   Email: info@asiadb.com

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