Monday, December 5, 2022
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ReportIslamic Chinese offshore bank rolls out blockchain-based digital wallet

Islamic Chinese offshore bank rolls out blockchain-based digital wallet

Labuan-incorporated Asia Digital Bank (AsiaDB), which is vying the Islamic financial market, has launched its A-Bank Super Wallet, providing cross-border payment and remittance solutions involving both fiat and digital currencies.

“This is our first mobile application, and it provides efficient cross-border payment solutions for cross-border trade in goods and services as well as fast remittances. It is also the first e-wallet to achieve the integrated exchange of both fiat and digital currencies,” commented Liu Xuming, the chairman of AsiaDB.
 
The A-Bank Super Wallet utilizes the concept of blockchain peer-to-peer transactions, distributed ledger and storage system, encryption algorithm and consensus protocols. The development of the wallet is divided into three phases: the first phase allows for the setting-up of offshore financial accounts and supports cross-border payments and currency exchanges involving five currencies – Malaysian ringgit, Singaporean dollar, US dollar, offshore renminbi and Hong Kong dollar, as well as stablecoins such as USDT and USDC.

The second phase will see more fiat and digital currencies added, as well as the rollout of its Automated Market Maker – Decentralized Exchange (AMM-DEX) which will facilitate extended features such as non-fungible tokens trading.

The third stage will enable users to experience blockchain payment systems and metaverse industrial ecological platform on top of additional functions on the A-Bank Super Wallet.

AsiaDB is one of the two licensed digital banks in Labuan International Business and Financial Centre (Labuan IBFC) in Malaysia. In February it engaged Amanie Advisors to advise, monitor and certify its Shariah compliance as it steadily builds its Islamic finance proposition. The offshore bank launched in May 2021 after receiving its license back in November 2020 from Labuan Financial Services Authority 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.

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