Last week Bank Negara Malaysia (BNM) formally announced that three stablecoin and tokenized deposit projects had been onboarded into its Digital Asset Innovation Hub (DAIH), out of more than 30 applicants. It follows the central bank outlining its tokenization plans late last year. The sandbox project applications are for domestic and cross border wholesale payments and the settlement of tokenized assets.
During an interview earlier this month, central bank Governor Abdul Rasheed Ghaffour spoke about the sandbox’s goal to encourage innovation with guardrails to support financial stability. At the same time, the central bank is keen to ensure that the use cases are practical for real world usage.
Standard Chartered Bank Malaysia and Capital A will be using a ringgit stablecoin for B2B payments. Capital A is the renamed AirAsia Group and now encompasses various travel and logistics businesses alongside its aviation operations. Notably, Standard Chartered is also part of a joint venture in Hong Kong that has applied for a stablecoin license.
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