Maybank completed its first on-chain transaction in the MYR-SGD corridor involving tokenised deposits, FX conversion and a cross-border payment to Singapore.
The bank said the pilot transaction was carried out with Yinson Holdings on 25 March 2026.
The transaction builds on a pilot Maybank began earlier this year under Bank Negara Malaysia’s Digital Asset Innovation Hub to test ringgit tokenised deposits for cross-border payments.
It involved tokenising bank deposits, converting Malaysian ringgit into Singapore dollars on-chain and transferring the funds from Malaysia to Singapore in near real-time through Maybank’s permissioned blockchain.
Maybank said the pilot demonstrated the technical feasibility of on-chain workflows and their potential use in corporate treasury operations to improve settlement speed and operational efficiency.
Dato’ Sri Khairussaleh Ramli, President and Group CEO of Maybank said,
“Our strategic focus on the MYR-SGD currency pair reflects the ambition to lead in facilitating seamless cross-border transactions, leveraging Maybank’s Malaysia-Singapore corridor advantage and position as an ASEAN gateway bank.
We are pushing ahead in our ROAR30 strategy to build a regional transaction and payments platform across ASEAN that delivers integrated client experiences, frictionless money movement, and liquidity optimisation.”
Maybank also said it has received strong market interest to collaborate on further pilots since announcing its partnership with Yinson.
The bank is now exploring additional pilot projects and use cases, including tokenised Islamic finance solutions for businesses ranging from large corporates to SMEs, as well as retail and wealth offerings.
Featured image: Edited by Fintech News Malaysia, based on image by AI Generated via Freepik
