Maybank has begun testing ringgit tokenised deposits for cross-border payments on a blockchain platform under Bank Negara Malaysia’s Digital Asset Innovation Hub.
The pilot involves energy infrastructure group Yinson Holdings Berhad.
The bank will explore on-chain cross-border transactions using ringgit and other ASEAN deposit tokens on the bank’s permissioned blockchain network.
This will assess the technical feasibility and operational readiness of executing secure near real-time transactions.
It will also contribute to the development of next-generation payment infrastructure.
BNM just announced that it is also testing tokenised deposits with CIMB, while Standard Chartered and Capital A are exploring ringgit stablecoins for wholesale payment use cases.
The initiative forms part of the bank’s broader digital transformation agenda, including the expansion of digital asset and tokenisation capabilities across Islamic finance, corporate banking and wealth management.
Beyond the pilot, Maybank is studying tokenised Islamic finance instruments such as sukuk and funds that could allow fractional participation.
Maybank is also assessing how programmable money could support SMEs by automating payment flows from governments and large corporates. Greater transparency may improve access to financing.
Dato’ Sri Khairussaleh Ramli, President and Group CEO of Maybank said,
“Together with regulators, clients and partners, and taking a holistic, pragmatic and inclusive approach, we will progressively expand digital assets and tokenisation initiatives into areas like investing, Islamic finance and supporting SMEs.
We continue to work on innovation to deliver tangible benefits for our clients like Yinson and the broader real economy, while upholding the highest standards of governance, security and regulatory integrity.”
Yinson, which operates across multiple jurisdictions, said shorter settlement cycles could improve working capital management and reduce foreign exchange exposure and transaction costs.
Maybank said it will continue working with regulators and industry participants as it expands its tokenisation initiatives while maintaining governance and security standards.
Featured image: (From left) Dato’ Sri Khairussaleh Ramli, President and Group CEO of Maybank; Lim Chern Yuan, Group CEO of Yinson Holdings
