Tokenized deposit solutions capable of moving money around the clock have proliferated among major banks in recent years, with JP Morgan, HSBC and Standard Chartered offering products spanning USD, EUR, GBP, HKD and SGD. Malaysian ringgit has been a notable gap. Maybank is now moving to address that, at least for one of the region’s most commercially active currency corridors.
Maybank has completed its first transaction under a pilot tokenized deposit and cross border payments project with Yinson Holdings, the global energy infrastructure company, executing an on-chain MYR to SGD foreign exchange conversion followed by a near real time cross border payment from Malaysia to Singapore. The transaction ran on Maybank’s permissioned blockchain and was completed on 25 March.
The bank is framing the pilot explicitly around corporate treasury workflows, where the appeal of tokenized deposits has always been the ability to move money outside banking hours and compress settlement times. Yinson, as a large infrastructure company with operational and financing activity across multiple jurisdictions, represents the kind of corporate treasury client for whom those benefits are most tangible.
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