Bank Negara Malaysia is moving deeper into digital finance. The central bank has confirmed that its Digital Asset Innovation Hub will roll out three pilot initiatives in 2026. These projects will test real world wholesale payment use cases using ringgit stablecoins and tokenized deposits .
The goal is simple. BNM wants to see how digital versions of the Malaysian ringgit can improve domestic and cross border settlements, especially for large value transactions between institutions.
Three Major Banks Lead the Pilots
BNM has onboarded three initiatives under the Digital Asset Innovation Hub:
- Standard Chartered Bank Malaysia and Capital A Berhad will pilot a ringgit stablecoin for business to business settlement.
- Maybank will test tokenized deposits for payments.
- CIMB Group will also pilot tokenized deposits for payment use cases.
These controlled environment tests will focus on wholesale payments rather than retail crypto trading. Therefore, the emphasis remains on financial institutions and corporate partners.
For example, a company settling invoices across borders could use tokenized deposits to speed up transfers. Instead of waiting days, settlement could happen almost instantly.
What BNM Wants to Prove
BNM frames these pilots as practical experiments. The central bank wants to measure efficiency, security, and compliance. Furthermore, it aims to study how ringgit stablecoins and tokenized deposits can support the settlement of tokenized assets.
Some projects will also examine Shariah related considerations. This step is important in Malaysia’s financial system, where Islamic finance plays a key role.
In addition, BNM will collaborate with ecosystem partners, including corporates and possibly other regulators. This broader approach should help identify legal and operational challenges early.
Clearer Rules by End 2026
BNM has indicated that it plans to provide clearer guidance on the use of ringgit stablecoins and tokenized deposits by the end of 2026 .
As global interest in digital assets grows, Malaysia appears determined to build a regulated and practical framework. These pilots could shape the future of blockchain based wholesale payments in the country.
