Asian Digital Bank Co., Ltd. (ADB) is the first winner of the digital banking license and digital asset operator issued by the Labuan Financial Services Authority of Malaysia, and announced the establishment of a strategic partnership with Convenience. The core team of IRISnet, And core contributors to Cosmos since its creation.
With the support of Bianjie, ADB plans to build a new blockchain-based infrastructure to support the integration of centralized and decentralized financial services.
With the support of Cosmos’ scalable, sovereign, and interoperable blockchain stack, this new digital banking infrastructure will support the realization of a legal self-service financial model.Through the Cosmos-based enterprise suite, using DID, NFT, big data privacy protection and inter-chain technology, companies and individual users of IRITA, ADB can manage centralized bank accounts and accounts on open distributed ledgers connected in the following ways Cosmos/IRISnet hub.
Conveniently, by building the IRITA alliance blockchain framework based on Cosmos-SDK, continue to expand the footprint of Cosmos to the enterprise blockchain field. IRITA will be used to build this open permissioned blockchain (OPB) initiated by Asia DB to connect its banking partners and other ecosystem service partners from different countries.
Last year, Convenient launched Wenchang Chain, which is the first blockchain service network (BSN) open permission blockchain (OPB) project to enter the market. The OPB will support legal and friendly stable currency issuance, digital asset exchange, asset-based securities issuance, and cross-border payments for global commerce. In addition, the OPB will integrate with the Cosmos ecosystem through IRISnet Hub to achieve an open, inclusive and legal financial service paradigm.
IRISnet + ADB
“We are very pleased that leading blockchain technology innovators have joined forces with Asia DB. This technical cooperation will accelerate the development of our new generation of digital banking systems. With the support of convenience, we believe that through the use of advanced enterprise-oriented Cosmos With a blockchain stack, we can support innovative financial services that will have a lasting impact on ASEAN, China, Islamic financial markets and the entire world, and build an inclusive financial ecosystem.”
– Andy Lau, Chairman of Asia Digital Bank
Asia DB was initiated and established by the Asia Pacific Investment Bank (Registration Number: LL11654), (License Labuan Investment Bank) (License Number: 170120BI) (APIB) in Labuan International Business and Financial Center (Labuan IBFC). November 28, 2019
Obtained official approval from Labuan Financial Services Authority (Labuan FSA) as a digital financial business licensee established by Nanjing Zijin Investment Group, a state-owned enterprise in Nanjing, Asia DB Research Institute (Nanjing) under the guidance of the Digital Currency Research Department of the People’s Bank of China The application demonstration base provides financial services and supports efficient international business activities of Chinese enterprises.
The first batch of licensed digital investment banks was established in a strategic cooperation between Nanjing, Labuan IBFC and Labuan FSA, aiming to use blockchain technology to create an inclusive self-service financial platform for global digital asset transactions.