CONNECT WITH US
Fintech

Fintech

What’s the Point of Stablecoins In Malaysia When We Already Have DuitNow?

Fintech News Malaysia logo

Published on

Add as a preferred source on Google
What’s the Point of Stablecoins In Malaysia When We Already Have DuitNow?

Talk of ringgit stablecoins may sound promising, but the average Malaysian already has DuitNow on their phone.

If money can already move instantly at almost any hour, what exactly is a ringgit stablecoin meant to fix?

Vincent Fong, Chief Editor of Fintech News Network, put that question to the panel at the Luno Institutional Digital Asset Conference Kuala Lumpur 2026 (LIDAC26), asking what purpose local-currency stablecoins would serve and whether consumers even needed one.

Milind Sanghavi, Founder and CEO of Xweave, was not convinced domestic payments were the answer.

“If you have a really good real-time payment system, I’m not sure you need anything else.”

Gerard Ang, Head, Financing & Securities Services (Malaysia) at Standard Chartered, brought the point back to Malaysia.

DuitNow already lets someone make a transfer on a Sunday night at 3am and see it reflected in their banking app.

Eddy Christian Ng, Expansion Lead at Tether, came to much the same conclusion.

With the panel broadly aligned on retail payments, the discussion moved to the problems that existing payment rails still leave businesses to deal with.

Bank Negara Malaysia is already testing some of those use cases through its Digital Asset Innovation Hub.

Standard Chartered Bank Malaysia and Capital A are working on ringgit stablecoins for B2B settlement.  Maybank is testing tokenised deposits for payments.

CIMB too is joining the wagon where it is currently looking at their use in settling tokenised securities.

Gerard used the Standard Chartered and Capital A pilot to show why institutions may see value where consumers do not.


Source link
Related Topics:Fintech

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We TheMorningPulse.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It's possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.