Back in June 2025, Prime Minister Dato’ Seri Anwar Ibrahim launched a new Digital Asset Innovation Hub. The hub was designed to support the development of digital assets and fintech in the country.

According to him, its focus also included programmable money and a ringgit-backed stablecoin.

Fast-forward to now, and five ringgit stablecoin and tokenised deposit initiatives are currently being developed in various stages in Malaysia, according to Fintech New’s latest Malaysia Fintech Report 2026.

Bank Negara Malaysia announced in February 2026 that it had onboarded three initiatives with Maybank, CIMB, Standard Chartered and Capital A, aiming to “test real-world applications involving ringgit stablecoins and tokenised deposits.

In August 2026, CIMB completed a pilot for testing the settlement of tokenised sukuk, using tokenised deposits in a controlled environment.

The pilot involved a RM1.68 billion issuance under CIMB Bank’s RM10 billion Senior Sukuk Wakalah programme, with tenors ranging from 5-15 years. 12 institutional investors were able to subscribe to the tokenised portion, while the remaining RM300 million was issued as traditional sukuk.

Notably, the tokenisation layer did not affect the sukuk’s underlying economic or Shariah structure. CIMB also shared that it has engaged with the Securities Commission of Malaysia to build tokenised capital market products.

Maybank completed the country’s first tokenised supply chain financing deal, worth RM1 million via the NexA tokenisation platform by V Systems.

The latter is part of the first cohort of the regulatory sandbox under the Securities Commission of Malaysia, under the alternative financing track.

The entire process, from invoice approval to disbursement and settlement, was tokenised in a live, commercial environment, with construction company Syarikat Logam Unitrade Sdn Bhd participating in the transaction.

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