The project is conducted under Bank Negara Malaysia’s Digital Asset Innovation Hub
[KUALA LUMPUR] Maybank and Yinson Holdings are piloting the first tokenised ringgit via Bank Negara Malaysia’s innovation hub, in a move that could lay the groundwork for blockchain-based cross-border payments across Asean.
The project, conducted under Bank Negara Malaysia’s Digital Asset Innovation Hub (DAIH), uses Maybank’s permissioned blockchain to test on-chain cross-border payments involving ringgit and other Asean deposit tokens, according to a statement by Maybank on Wednesday (Feb 11).
Yinson, a Malaysia-based global energy infrastructure group, is the first corporate participant. Meanwhile, Maybank is the largest banking group in the country and fourth-largest bank in South-east Asia by assets.
Bank Negara in June 2025 introduced DAIH, which serves as a regulatory sandbox to test digital assets such as programmable money and ringgit-backed stablecoins.
Key part of Maybank’s road map
In a statement, Maybank said the pilot will assess the technical feasibility and operational readiness of executing secure, near real-time on-chain transactions, while helping to shape the design of next-generation money rails and payment infrastructure.
The initiative is a key component of Maybank’s Roar30 strategy, a five-year road map unveiled last month that commits RM10 billion (S$3.2 billion) to technology investments.
Navigate Asia in
a new global order
Get the insights delivered to your inbox.
Digital assets and tokenised money are core pillars of the bank’s digital transformation under this plan. The goal is to provide faster, more inclusive financial services while cementing Maybank’s leadership in regional transactions and payments.
Khairussaleh Ramli, president and group CEO of Maybank, said: “Together with regulators, clients and partners, and taking a holistic, pragmatic and inclusive approach, we will progressively expand digital assets and tokenisation initiatives into areas like investing, Islamic finance and supporting SMEs (small and medium enterprises).”
The pilot centres on deposit tokens – digital representations of commercial bank deposits recorded on a blockchain – rather than cryptocurrencies. By leveraging a permissioned network, Maybank aims to ensure regulatory oversight while enabling programmability and faster settlement.
Optimising financials and operations
For Yinson, which operates across multiple jurisdictions with complex cross-border treasury operations, the promise lies in shortening settlement cycles and improving working capital efficiency.
Its group CEO Lim Chern Yuan said the company is “constantly seeking ways to optimise its financial position, manage risks and respond swiftly to opportunities”.
The on-chain solutions and shorter settlement cycles that are almost real-time “allows Yinson to further manage working capital more efficiently and reduce foreign exchange exposure and transaction costs”, Lim added.
Building on this first pilot, Maybank aims to pioneer a range of tokenised assets, including tokenised Islamic finance for businesses ranging from large corporations to SMEs and retail customers, including wealth solutions.
The bank said: “Through programmable money, the bank aims to empower SMEs by automating transparent payment flows from anchor clients such as governments and corporates, enabling payment transparency that can eventually unlock accessibility to financing.”
In wealth management, Maybank is exploring tokenised investment products, particularly Islamic finance assets such as sukuk and funds. Fractionalisation could enable broader participation by lowering minimum investment thresholds.
The lender said its extensive Asean network positions it to act as a gateway bank for tokenised regional currencies and assets, reducing friction in existing transaction and payment flows.
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
