Capital A Berhad and Standard Chartered Bank Malaysia Berhad have signed a Letter of Intent (LOI) to jointly explore the development and testing of a Ringgit-denominated stablecoin, marking a major milestone in Malaysia’s move toward regulated digital asset innovation.
The initiative will be conducted under Bank Negara Malaysia’s (BNM) Digital Asset Innovation Hub (DAIH), a regulatory sandbox designed to test next-generation financial technologies in a controlled environment.
Under the proposed arrangement, Standard Chartered Malaysia would serve as the issuer of the MYR-backed stablecoin, bringing its institutional-grade infrastructure and long-standing financial expertise to the project.
Capital A and its wider ecosystem, including aviation, digital services, fintech, and logistics platforms, will work with the bank to develop, test, and potentially pilot wholesale-level use cases for the digital token.
Both companies highlighted that a Ringgit stablecoin could enable real-time settlements, improved treasury efficiency, programmable financial flows, and new forms of digital financial services.
The initiative also aligns with Malaysia’s broader ambition to harness responsible digital-asset innovation to strengthen liquidity, modernize payments infrastructure, and expand financial inclusion.
Tony Fernandes, CEO of Capital A, said the LOI reflects the group’s transformation into a technology-driven ecosystem: “An MYR stablecoin developed with Standard Chartered’s expertise and tested under BNM’s DAIH can unlock real potential for our enterprise operations. We can bring practical, high-impact use cases at scale to Malaysians and the Asean region.”
Standard Chartered Malaysia CEO Mak Joon Nien emphasized the bank’s commitment to shaping the future of digital finance: “Entering the stablecoin sandbox with like-minded partners like Capital A reflects our commitment to building tomorrow’s financial architecture. Digital assets are a core part of our strategy.”
Both organizations will now begin evaluating the technical, regulatory, and commercial considerations required for pilot testing under BNM supervision. If successful, the project could position Malaysia at the forefront of regulated stablecoin development in Southeast Asia.