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- BNM launches pilot programs for stablecoins and tokenized bank deposits.
- Malaysia’s digital asset roadmap focuses on real-world asset tokenization.
- Global partnerships aim to test ringgit-backed stablecoins for settlement.
Bank Negara Malaysia (BNM), the country’s central bank, has unveiled a game-changing initiative with its pilot program for three regulatory sandboxes, focusing on the development of stablecoins and tokenized bank deposits. This is a major initiative to transform the integration of digital assets into the Malaysian financial system. The project focuses on cross-border settlements using ringgit-backed stablecoins and on the tokenization of real-world assets (RWAs).
A Step Toward Wholesale Central Bank Digital Currency
The BNM pilot program also involves testing tokenized bank deposits, which could serve as the foundation for a wholesale central bank digital currency (CBDC). A CBDC would be a digital form of the Malaysian fiat currency, issued and regulated directly by the central bank, and used solely for institutional settlements. This may significantly influence how Malaysia manages a massive financial transaction in the future.
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In a bid to contribute to the realization of this vision, BNM has partnered with some of the largest companies in banking and investment. Standard Chartered Bank, CIMB Group Holding, Maybank, and Capital A are all collaborating with the central bank to deploy these revolutionary digital assets in real-world use cases. Moreover, the pilot will consider Shariah-compliant financial aspects, which are an indication of Malaysia’s dedication to the principles of Islamic finance.
BNM’s Digital Asset Roadmap: Paving the Way for Future Innovation
This pilot will be linked to a more extensive digital asset roadmap that BNM released in November 2025, which paves the way for testing asset tokenization across major sectors. These are supply chain management, access to credit, Shariah-compliant products, and 24/7 cross-border settlement. By exploring these cutting-edge technologies, BNM will usher in a new phase of programmable finance and improve the Malaysian economy’s standing in the digital economy.
Besides, the digital asset ecosystem in Malaysia is constantly evolving, as RMJDT, a ringgit-pegged stablecoin, was launched by Ismail Ibrahim, the eldest son of the Malaysian king. Bullish Aim has a stablecoin called Stablecoin, which is in the regulatory sandbox stage and is not yet listed. On the same note, Standard Chartered and Capital A have also announced their intention to create a ringgit-pegged Stablecoin for institutional use, indicating the growing popularity of digital currency solutions.
As Malaysia accelerates its exploration of the digital space, it enters an international competition to embrace the power of stablecoins and CBDCs. The initiatives play an essential role in the future of digital finance, and may make Malaysia a leader in the digital economy.
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