Asia Digital Bank Adopts Cosmos Tech to Build New Generation of Digital Banking System
The strategic partnership with leading blockchain tech company Bianjie further expands Cosmos’ footprint into the enterprise blockchain space
Driving Enterprise Blockchain Adoption in Asia
Last month, Cosmos shone a spotlight on how Interchain Grantee Bianjie is helping to grow the Cosmos ecosystem. As a core contributor to IRISnet and the Cosmos network, this month, we’re pleased to say we’re already making rapid progress! Asia Digital Bank Ltd. (Labuan Investment Bank) (Registration No. LL16434), (licensed Labuan Investment Bank) (License №200134BI)(AsiaDB), the first recipient of the Digital Banking license issued by Labuan Financial Services Authority in Malaysia and an innovative global digital asset operator, just announced a strategic partnership with Bianjie. AsiaDB, with Bianjie’s support, plans to build a 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, AsiaDB’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 not only to help drive enterprise blockchain adoption in this part of the world but also to provide more secure, cost-effective, transparent, and lawful financial services for both consumers and enterprises 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.”
Founded under strategic cooperation between Nanjing and the Labuan IBFC and Labuan FSA (Labuan Financial Services Authority), Asia DB is under the guidance of the People’s Bank of China’s Digital Currency Research Institute (Nanjing) Application Demonstration Base Asia DB, this world-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.
This is a huge move for Cosmos in furthering blockchain adoption in the traditional finance sector and we look forward to bringing you more updates in the near future!
