Standard Chartered Bank Malaysia and Capital A (the parent company of AirAsia) have signed a letter of intent to jointly explore the development of a stablecoin pegged to the Malaysian currency, the ringgit.
This initiative falls under the country’s Digital Asset Innovation Hub, an initiative established by Bank Negara Malaysia (BNM).
Focus on Wholesale Use Cases
The partnership will prioritize a wholesale stablecoin pilot, rather than focusing on the retail market.
- Standard Chartered Malaysia will act as the stablecoin issuer, providing the necessary infrastructure and financial expertise.
- Capital A and its extensive ecosystem will be responsible for developing, testing, and piloting the wholesale use cases for the stablecoin.
This marks Capital A’s first venture into the regulated digital asset space.
Malaysia’s Digital Asset Ambitions
This collaboration supports Malaysia’s broader goal to integrate crypto and stablecoins into its mainstream financial system and modernize its payments and capital markets. The country’s central bank (BNM) has been actively promoting digital asset exploration:
- BNM launched the Digital Asset Innovation Hub to allow fintech companies to test new technologies under its supervision.
- BNM recently unveiled a three-year roadmap to explore and test asset tokenization, including launching proof-of-concept projects and creating an industry working group to tackle regulatory and legal challenges.
This proactive approach suggests strong national support for digital asset innovation, following reports that the government has been exploring a formal cryptocurrency policy since early 2025.
