Asia Digital Bank joins the e-wallet industry with a Super Wallet
As the e-wallet industry continues to expand rapidly, Asia Digital Bank has now joined the industry with the launch of its A-Bank Super Wallet. The extraordinary e-wallet integrates traditional financial services and digital financial services.
A recent report by FIS showed that digital wallets made up almost half of e-Commerce transactions globally in 2021, with a value of just over US $2.6 trillion. By 2025, these wallets are projected to rise 52.5% of the transaction value.
Hence, it’s no surprise why Asia Digital Bank is joining the e-wallet industry as well. Utilizing blockchain peer-to-peer transactions, distributed ledger and storage system, encryption algorithm, and consensus protocols, the Super Wallet will provide fast and efficient payment solutions and express transfer for cross-border trade and services, such as overseas study fees, hotel accommodation, airline tickets, travels, and more.
According to Liu Xuming, Chairman of Asia Digital Bank, “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.”
Additionally, the A-Bank Super Wallet is also the first e-wallet to provide the exchange function between fiat currency and digital currency which gives its users full control of all their assets on the e-wallet. Its core function allows for onshore and offshore deposits, withdrawals, and exchanges between physical currencies as well as digital currencies. Moreover, the app is backed by state-of-the-art technology that encrypts users’ information for ultimate privacy.
The Super Wallet currently supports five currencies, which include Malaysian Ringgit, Singapore dollar, US dollar, offshore Renminbi, and Hong Kong dollar, as well as stablecoins such as USDT and USDC in its first phase. More fiat and digital currencies will be added in the second phase, providing more choices to users.
Users will also have the flexibility to choose to complete transactions offline or online, such as top-ups and withdrawals, through bank transfer, wire transfer, VISA, MasterCard, JCB, UnionPay International, PayPal, Alipay Global, WeChat Global, and more.
“As a digital financial institution, we are constantly innovating and searching for new and better ways to provide financial service. With the launching of the A-Bank Super Wallet, we have achieved yet another milestone in providing improved financial services. Built upon our world-leading, digital self-financing technology platform that ensures high security, liquidity, transparency, and openness with low risks, the A-Bank Super Wallet is the ultimate choice for users’ financial transactions,” commented Liu.
As the Super Wallet commences from ASEAN and the Greater China region, it also aims to provide financial partners around the world with exchange clearing and settlement services from Malaysia’s Labuan International Business and Financial Centre. As a bank that hails from China that is approved and licensed by Labuan Financial Services Authority of Malaysia, Asia Digital Bank has deep roots in China as well as holds offshore financial licenses with global institutional partners.
“Our unique license and standing provide us with significant advantages and flexibility over traditional banks, all while ensuring that the A-Bank Super Wallet has access to various countries and remains compliant with all the regulatory requirements,” added Liu.
Liu also explained that the Super Wallet’s potential and functions are divided into three stages. The first stage will see the Super Wallet enable the set-up of offshore financial accounts and supports various currency exchanges as well as cross-border payments.
The second stage will see the establishment of its Automated Market Maker – Decentralized Exchange (AMM-DEX) which will enable extended features such as NFT trading. The third stage is expected to enable users to experience blockchain payment systems and Metaverse industrial ecological platform on top of even more functions on the Super Wallet.
Last month, the China Mobile Communications Association’s metaverse council, the country’s first metaverse industry group, also signed a strategic partnership with the Asia Digital Bank, in a bid to jointly explore the new digital finance and trade ecosystem in the metaverse era. The Super Wallet would be a perfect fit for the platform in the future.