Key Highlights
- Bank Negara Malaysia (BNM) has launched three major wholesale pilots under its Digital Asset Innovation Hub (DAIH), including a ringgit stablecoin for B2B settlements and two tokenized deposit initiatives.
- Distinct from the earlier RMJDT stablecoin launched in December 2025, BNM’s current focus is on institutional wholesale ringgit-backed stablecoins to improve payment efficiency and financial infrastructure in the corporate sector.
- These real-world tests support BNM’s 2025–2027 roadmap, aiming for greater regulatory clarity on ringgit stablecoins and tokenised deposits by end-2026.
Bank Negara Malaysia (BNM), the central bank of Malaysia, is taking major steps to align with crypto adoption across the country in 2026. The bank has announced plans to test real-world applications for ringgit stablecoin and tokenized deposits.
Proposed under its regulatory sandbox initiative, Digital Asset Innovation Hub (DAIH), the move will focus on wholesale payment use cases for the digitized version of its national currency ringgit. It will function for both the domestic as well as cross-border transactions while the bank is also looking to enable the settlement though tokenized assets.
As per the announcement, these initiatives will be launched within a “controlled environment” and it will invite various corporate clients, financial institutions and other regulators for testing. The bank also noted that they are also in plans to explore Shariah-complaint approaches.
All three initiatives includes the Ringgit stablecoin for B2B settlement led by Standard Chartered Bank Malaysia Berhad and Capital A Berhad, as well as two separate tokenized deposits payments—one from Malayan Banking Berhad (Maybank) and the other from CIMB Group Holdings Berhad (CIMB).
“The testing will allow BNM to assess the implications to monetary and financial stability and inform our policy direction in these specified areas,” BNM said.
Malaysia’s push for a ringgit stablecoin
Distinctive from the country’s RMJDT stablecoin, launched in December 2025, BNM is now advancing its exploration of ringgit-backed stablecoins for wholesale applications. It is to enhance payment efficiency and financial infrastructure across the country, especially within the corporate finance sector.
This development could pave the way for integration with BNM’s existing explorations into wholesale central bank digital currency (wCBDC), positioning Malaysia as a forward-thinking player in Southeast Asia.
The launch of Digital Asset Innovation Hub
The Digital Asset Innovation Hub (DAIH) was officially launched by Bank Negara Malaysia in June 2025 as a dedicated regulatory sandbox to foster crypto adoption in the country. Since its inception, the hub has engaged over 30 domestic and international participants from banking and non-banking sectors.
This initiative forms part of BNM’s three-year roadmap (2025–2027) to transition from conceptual exploration to live pilots, supported by industry working groups and discussion papers. With this push, BNM is essentially driving a shift in Malaysia’s regulatory framework and supporting the country’s ambition to become a competitive fintech hub in the region.
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