The Central Bank of Malaysia (NBM) launched its work plan to begin developing usage standards for MYR-denominated stablecoins, while also outlining a roadmap to tokenize assets within 24 months.
Bank Negara Malaysia (BNM) unveiled the Digital Asset Innovation Hub (DAIH), its strategic plan to modernize its payments infrastructure by integrating its own crypto ecosystem in a regulated manner. According to the launch, various digital asset models will be evaluated, including ringgit-backed stablecoins, tokenized deposits, and wholesale CBDC concepts.
Within this framework, the DAIH functions as a controlled environment where authorized financial institutions can conduct proof-of-concept trials with some regulatory flexibility. However, BNM has clarified that direct participation in the pilot programs is restricted to regulated entities to preserve governance standards, risk management, and regulatory compliance.
The selection process was also rigorous, with BNM evaluating between 30 and 35 ringgit stablecoin proposals and considering more than 30 companies nationally and internationally before selecting a small group of projects to participate in the pilot program.
Which companies were selected by the Central Bank of Malaysia?
Among the featured projects, Standard Chartered Bank Malaysia and Capital A are jointly testing a ringgit stablecoin for B2B settlements within the sandbox. Maybank, meanwhile, is advancing tokenized deposits and restricted-access cross-border on-chain trials involving MYR and other ASEAN deposit tokens, including a collaboration with Yinson.
CIMB is developing tokenization aligned with its existing governance frameworks, while RMJDT (Bullish Aim/Regent of Johor) privately launched a ringgit-backed stablecoin on Zetrix to test use cases in international payments.
Taken together, these efforts reflect a deliberate balance of public policy: enabling innovation that potentially improves interoperability and settlement speed, but without diluting the “oneness of money” or the stability of the financial system.
Looking ahead to the timeline, BNM plans to complete the proof-of-concept phase during 2026 and issue more detailed standards and guidance on MYR-denominated stablecoins and tokenized deposits before the end of that year, with a view to wider trials in 2027.
