Asia Digital Bank Ltd. (Labuan Investment Bank), the first recipient of the Digital Banking license issued by Labuan Financial Services Authority in Malaysia and an international digital asset operator, announced a partnership with Bianjie, which is IRISnet’s Core team, and a Cosmos Core Contributor since genesis.
As mentioned in an update shared with Crowdfund Insider, ADB with Bianjie’s support aims to create new digital financial infrastructure that “supports seamless integration of centralized and decentralized financial services.”
Powered by Cosmos’ scalable, sovereign, interoperable blockchain stack, this virtual banking infrastructure will aim to support the “realization of a lawful self-service financial paradigm.”
Utilizing DID, NFT, Big Data privacy protection, and interchain technologies via the Cosmos-enabled enterprise suite, IRITA, ADB’s companies 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-based virtual banking system is to offer more secure, cost-effective, transparent, and lawful financial services for consumers and enterprise and users throughout the world.
Andy Liu, Chairman of Asia Digital Bank, stated:
“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 formed by the Asia Pacific Investment Bank (Registration No. LL11654), (licensed Labuan Investment Bank).
On November 28, 2019, it had been 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.”
Established under cooperation between Nanjing and the Labuan IBFC and Labuan FSA, this licensed digital investment bank aims to “build an inclusive self-service financial platform for global digital asset transactions using blockchain technology.”
Bianjie will be focused on expanding Cosmos’ presence into the enterprise blockchain space through “building the Cosmos-SDK-based IRITA consortium blockchain framework.”
IRITA will be used to establish 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,” the announcement noted.