Bank Negara Malaysia (BNM) has launched SSDS+, an issuance, depository and safekeeping platform built in-house to support tokenized bonds and sukuk. It builds on the existing central securities depository, Scripless Securities Depository System (SSDS).
The central bank hinted at the solution when it outlined its tokenization plans last year, saying it was considering a “common programmable platform”. SSDS+ is designed to support tokenized government bonds as well as corporate retail bonds.
While many jurisdictions struggle with the 24/7 nature of distributed ledgers, Malaysia is well positioned. Its cloud-based real time gross settlement (RTGS) system RENTAS+ started operating 24/7 last year, and with its integration with SSDS+, transactions can settle in central bank money around the clock.
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