V Systems Malaysia announced that it was engaged by Khazanah Nasional for Malaysia’s first tokenised sukuk pilot programme.
The pilot involved a RM100 million issuance under Khazanah’s Sukuk Danum Programme, an Islamic medium-term notes programme of up to RM20 billion.
The issuance was carried out in collaboration with the Securities Commission Malaysia and uses distributed ledger technology to create a digital record of the underlying sukuk.
V Systems supported the initiative by helping design the frameworks, workflows and control processes for the programme.
Aeris Chain to Support Domestic Tokenisation Initiatives
The company added that the programme was built on Aeris Chain, a locally developed private blockchain designed for regulated financial market use cases.
Aeris Chain is designed to support interoperability across systems and meet the technical requirements of financial institutions.
The infrastructure will be used across multiple domestic tokenisation initiatives, including its deployment within the Securities Commission Malaysia’s regulatory sandbox.
The programme brought together several market participants, including industry working groups, banks and investors.
Maybank acted as Joint Lead Manager, Custodian and Primary Subscriber, while CIMB served as Sole Principal Adviser, Sole Lead Arranger and Sole Facility Agent.
The tokenised sukuk Malaysia pilot is intended to test how distributed ledger technology can support sukuk origination, settlement and post-issuance servicing in a controlled environment.
The SC has positioned the transaction as a pilot template for future corporate sukuk issuers.
V Systems is part of the inaugural sandbox cohort under the SC’s alternative financing track, where it is developing a blockchain-based supply chain financing platform with financial institutions and corporates.
The platform aims to expand credit access across deeper tiers of SME supply chains, with Aeris Chain serving as the underlying infrastructure for the sandbox solution.
Featured image: V Systems’ CEO Goh Yuen Khai. Edited by Fintech News Malaysia, based on image by mkmult via Magnific
