Bank Negara Malaysia (BNM) will test ringgit stablecoins and tokenised deposits for wholesale payment use cases this year after onboarding three initiatives under its Digital Asset Innovation Hub (DAIH).
The projects will examine domestic and cross-border payment scenarios, including the settlement of tokenised assets.
Standard Chartered and Capital A will explore ringgit stablecoins for business-to-business settlement, while Maybank and CIMB will test tokenised deposits for payments.
The trials will be conducted in a controlled environment and involve collaboration with ecosystem partners, including corporate clients of financial institutions, the Securities Commission Malaysia and Khazanah Nasional.
Certain use cases will also assess Shariah-related considerations.
BNM said the testing will allow it to evaluate implications for monetary and financial stability and shape its policy direction.
The central bank intends to provide greater clarity on the use of these instruments by the end of 2026.
The work may also serve as a precursor to future integration with its ongoing wholesale central bank digital currency (wCBDC) initiatives.
Admission into the hub is guided by principles that require a credible value proposition, sufficient state of readiness, sound governance and compliance with anti-money laundering and counter-terrorism financing standards.
DAIH was launched in June 2025 as part of BNM’s efforts to advance responsible innovation in digital assets.
Since then, BNM has engaged more than 30 domestic and international players from both banking and non-bank sectors to identify and prioritise high-impact use cases.
The central bank recently released a Discussion Paper on Asset Tokenisation to provide additional guidance for market participants exploring similar initiatives.
BNM said it will continue engaging prospective applicants while focusing on supporting the initiatives already admitted into the hub.
Featured image: Edited by Fintech News Malaysia, based on image by user22933032 via Freepik
