Asia Digital Bank partners Bianjie for blockchain-powered digital banking

Asia Digital Bank (ADB) has partnered with blockchain tech provider Bianjie to build out the bank’s new digital infrastructure designed to bridge the gap between centralised and decentralised finance.

ADB’s new digital banking system will be powered by Cosmos

ADB’s new system will be powered by Cosmos — an ecosystem of blockchains that can scale and interoperate with each other — which the bank says will allow customers to manage both centralised bank accounts as well as accounts on open distributed ledgers connected through the Cosmos network.

ADB claims this blockchain-powered digital banking system will be more secure, cost-effective and transparent.

Shanghai-based Bianjie builds blockchain products and solutions for the financial and healthcare industries.

Bianjie says it will use the Cosmos-SDK-based IRITA consortium blockchain framework — the first enterprise-level permissioned blockchain product in the Cosmos ecosystem — to build the ADB open permissioned blockchain (OPB).

The OPB will support stablecoin issuing, digital asset transfers, asset-based securities issuing and cross-border payments.

ADB chairman Andy Liu says the partnership will expedite financial inclusion in the Chinese, Islamic and Association of South East Asian Nation markets.