Monday, December 5, 2022
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Editor's PickChinese-owned digital offshore bank appoints Shariah advisor

Chinese-owned digital offshore bank appoints Shariah advisor

Asia Digital Bank (AsiaDB), one of the two licensed digital banks in Labuan International Business and Financial Centre (Labuan IBFC), has engaged Amanie Advisors to advise, monitor and certify the Shariah compliance of the virtual bank’s operations as it steadily builds its Islamic finance proposition.

AsiaDB launched last May after receiving its Malaysian offshore license back in November 2020 from Labuan Financial Services Authority (LFSA). It is positioning itself as a digital bank with a blockchain-powered self-financial servicing platform, targeting corporate clients with its digital asset management and trading services. The bank was established by Asia Pacific Investment Bank, also licensed in Labuan but owned by Asia Pacific Wenjing Financial Group in China.

AsiaDB Chairman Liu Xuming confirmed that the bank is preparing to launch a digital wallet, known as A-Bank Super Wallet, as well as priming itself to issue digital assets.

While onshore, Bank Negara Malaysia is still processing digital bank applications with a view of awarding up to five licenses, Labuan FSA is home to two digital banks; Baxian Private & Investment Bank – another Chinese entity – also received LFSA authorization to operate as a full deposit-taking digital bank on a completely Shariah compliant basis.

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