Initiative aims to support national digital-asset modernization and wholesale financial innovation
Standard Chartered Bank Malaysia and Capital A the parent company of AirAsia, have signed a letter of intent to develop and test a ringgit-pegged stablecoin under Malaysia’s Digital Asset Innovation Hub. The collaboration marks Capital A’s first entry into regulated digital-asset development and reflects Malaysia’s broader push to modernize its financial infrastructure.
Under the plan, Standard Chartered Malaysia will act as the issuer of the ringgit-backed stablecoin, while Capital A and its ecosystem partners will design and pilot wholesale use cases rather than targeting retail consumers. The initiative leverages Standard Chartered’s financial expertise and Capital As broad commercial network to explore applications in payments, settlement and enterprise operations.
Malaysia has accelerated efforts to keep pace with global digital-asset adoption, positioning stablecoins as part of its national strategy to enhance capital markets and payment systems. The Digital Asset Innovation Hub, launched by Bank Negara Malaysia (BNM) allows companies to test new technologies under regulatory supervision.
Recent developments include BNMs three-year roadmap to advance asset tokenization, plans for proof-of-concept pilots, and the creation of an Asset Tokenization Industry Working Group to address legal and regulatory challenges. Policymakers have also begun evaluating whether a broader cryptocurrency policy framework could support modernization of the country’s financial system.
The ringgit stablecoin pilot signals increasing momentum behind Malaysia’s ambition to integrate digital assets into mainstream finance.
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