Malaysia’s tokenised asset market could reach US$43 billion by 2030, according to a new white paper released by Kenanga Investment Bank, Saison Capital, Helicap Labs (HELIX), and Satori Research.
The report, titled Project Juara: Malaysia’s Asset Tokenisation Opportunity, explores how tokenisation can reshape the country’s financial landscape, particularly in regulated products such as unit trusts, bonds, and sukuk.
It outlines a roadmap for building a digital asset ecosystem and calls for a whole-of-nation approach, where financial institutions, asset owners, infrastructure providers, regulators, and community leaders each play interdependent roles.
Released in August, the paper supports the Malaysian government’s increasing focus on digital assets.
It follows Prime Minister Anwar Ibrahim’s April 2025 remarks that, with the right steps, Malaysia could position itself at the forefront of the global digital asset transformation.
While digitalisation has enhanced user interfaces, the report argues that tokenisation enables deeper structural changes in how financial assets are issued, traded, and governed.
Drawing from Southeast Asian market models, the report identifies the institutional, regulatory, and technological conditions needed to unlock tokenisation at scale.
Kenanga’s digital strategy includes platforms like Kenanga Digital Investing and Rakuten Trade, as well as investments in Kinetic DAX, one of Malaysia’s first licensed digital asset exchanges.
It has also backed firms such as Helicap, CapBay, and Merchantrade, and partnered with Ant Group, reflecting its commitment to shaping Malaysia’s digital finance landscape.
Saison Capital is the venture arm of Credit Saison, focused on early-stage investments in fintech, e-commerce, and Web 3.0.
HELIX, launched by Helicap, enables the issuance of tokenised private credit and alternative assets, while Satori Research is active as a liquidity provider and algorithmic trader in the digital asset market.
Featured image: (From left) Ranjit Singh Gill, Director, Head of Product & Market Development, Kenanga Investors; Datuk Wira Ismitz Matthew De Alwis, Executive Director & CEO, Kenanga Investors; Datuk Chay Wai Leong, Group Managing Director, Kenanga Investment Bank; Qin En Looi, Partner, Saison Capital; Teong Hng, Co-Founder & CEO, Satori Research; and Jitendra Singh Jaitawat, Co-Founder & CEO, Helicap Labs.
