Bank Negara Malaysia (BNM) has onboarded three new projects under its Digital Asset Innovation Hub (DAIH) to test ringgit stablecoins and tokenised deposits, marking a major step in Malaysia’s digital payments evolution.
What’s Being Tested?
Three initiatives have been selected:
1️⃣ Ringgit Stablecoins for B2B Settlement
Led by Standard Chartered Bank Malaysia
In partnership with Capital A
2️⃣ Tokenised Deposits for Payments
By Malayan Banking
3️⃣ Tokenised Deposits for Payments
By CIMB Group Holdings
Focus areas:
Domestic and cross-border wholesale payments
Tokenised asset settlements
Why This Matters
BNM said the controlled testing environment will help assess:
Monetary stability risks
Financial system implications
Regulatory framework enhancements
Importantly, BNM plans to provide greater clarity on the use of ringgit stablecoins and tokenised deposits by end-2026.
This could be a precursor to wholesale CBDC integration.
What Is the Digital Asset Innovation Hub?
Launched in June 2025, DAIH:
Has engaged 30+ domestic and international players
Provides a sandbox-style framework
Tests high-impact digital finance use cases
The aim is to stimulate innovation while safeguarding financial stability.
Market & Policy Implications
If successful, these pilots could:
Modernise Malaysia’s wholesale payment infrastructure
Improve cross-border settlement efficiency
Strengthen Kuala Lumpur’s position as a regional fintech hub
Lay groundwork for future central bank digital currency (CBDC) adoption
Key takeaway: Malaysia is cautiously advancing toward programmable, tokenised money — but with regulatory control at the core.
Bottom Line
Ringgit stablecoins and tokenised deposits may soon become part of Malaysia’s regulated financial ecosystem.

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