Asia Digital Bank Ltd. (ADB), the first recipient of the Digital Banking license issued by Labuan Financial Services Authority in Malaysia and 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 a new blockchain-based infrastructure that supports the 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.
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.
Last year, Bianjie launched WenChang Chain, the first Blockchain Services Network (BSN) Open Permissioned Blockchain (OPB) initiative to go to market. This OPB will support legal-friendly stablecoin issuing, digital asset exchange, asset-based securities issuing, and cross-border payments for global commerce. Additionally, this OPB will integrate with the Cosmos ecosystem through IRISnet Hub for an open, inclusive, and legal-friendly financial services paradigm.
IRISnet + ADB
“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.”
– Andy Liu, Chairman of Asia Digital Bank
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 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 first batch of licensed digital investment banks aims to build an inclusive self-service financial platform for global digital asset transactions using blockchain technology.