Labuan-licensed Asia Digital Bank launched

PETALING JAYA: Labuan-licensed Asia Digital Bank Ltd, a wholly owned subsidiary of Chinese state-owned Asia Pacific Investment Bank (APIB), strives to become the world’s leading digital asset operator through the development of an inclusive financial service platform for digital asset transactions, with advanced digital financial technology as its core.

As a digital investment bank with self-financial servicing platform powered by blockchain technologies, Asia Digital Bank aims to serve corporate clients from around the world by providing digital asset management and trading transactions that are compliant, secure, convenient, cost effective and promoting the development of an ecosystem for global asset digitalisation.

At its e-launch today, Asia Digital Bank CEO Chris Wang said its products will adhere to Labuan Financial Services and Securities Act 20100 (Act 704) and other compliance and risk control standard requirements to innovate digital finance products and business processes, actively embracing digital financial supervision.

“Asia Digital Bank will use an advanced blockchain technology platform with big data, cloud computing, artificial intelligence and other technologies to support and adapt to the development of the digital investment banking business,“ he said in his opening address.

He added that its unique “consortium blockchain + public blockchain” design will separate the digital asset investment and financial services from the brokerage business, promote self-financing management, reduce corporate financing costs and establish confidence from all sides.

“Asia Digital Bank will use ‘cross border investment and financing + digital asset management’ as a business entry point, and actively cooperate with global financial institutions to build a self-financing business ecosystem, at the imminent arrival of the Blockchain 3.0 era, to serve the economy with innovative business models and promote the development of the world’s digital finance industry,“ said Wang.

Labuan Financial Services Authority (LFSA) deputy director-general Datuk Iskandar Mohd Nuli mentioned in his speech that the launch of Asia Digital Bank would spark a new vitality towards the innovation of Malaysia’s digital finance industry. He noted that LFSA has been striving to promote Labuan to become a competitive and high value-added global financial service hub and hope that there would be more financial institutions like Asia Digital Bank to participate in the development of a financial hub in Labuan, as well as in Malaysia.

Asia Digital Bank obtained the first digital banking license for investment bank from LFSA in November 2020.

APIB is established by Asia Pacific Wenjing Financial Group Ltd, whose parent is China’s Nanjing Zijin Investment Group Co Ltd with the aim of providing international financial services for the “Belt and Road” countries.