Capital A and Standard Chartered Malaysia have signed a Letter of Intent (LOI) to explore the development and testing of a Ringgit (MYR)-denominated stablecoin through Bank Negara Malaysia’s (BNM) Digital Asset Innovation Hub (DAIH).
The collaboration marks Capital A’s first major move into regulated digital assets. It combines Standard Chartered’s infrastructure and financial capabilities with Capital A’s wider ecosystem.
Together, they will examine wholesale digital asset use cases.
Under the LOI, Standard Chartered Malaysia would act as the issuer of the potential MYR stablecoin. The bank will oversee its conceptualisation, testing, and delivery.
Capital A and its group of companies will work on developing and trialling real-world applications. This may include pilots for enterprise operations.
The initiative supports Malaysia’s goal of responsible digital asset innovation.
It highlights the potential of local-currency digital assets to improve domestic liquidity, increase operational efficiency, and enable emerging financial services.
BNM’s DAIH offers a platform for regulators and industry participants to design and test new solutions. The insights gained will help inform policy development and future regulatory frameworks.
Tony Fernandes, CEO Capital A said,
“An MYR stablecoin developed with Standard Chartered’s expertise and tested under BNM’s DAIH can unlock real potential for our enterprise operations, spanning real-time settlements, better treasury management, and programmable flows that ultimately improve how we serve our customers.”
Mak Joon Nien, CEO of Standard Chartered Malaysia commented,
“Digital assets are a core part of the Bank’s strategy and entering the stablecoin sandbox with like-minded partners like Capital A reflects that same commitment in shaping the architecture of tomorrow’s financial economy and be at the forefront of creating greater financial inclusion.”
Both parties will now assess the technical, regulatory and commercial requirements under the DAIH before determining next steps.
Featured image credit: Edited by Fintech News Malaysia, based on image by vykhopentaras via Freepik
