Bank Negara Malaysia (BNM) is piloting three regulatory sandbox programs through its Digital Asset Innovation Hub. The initiatives focus on ringgit stablecoins for cross-border settlement, tokenized real-world assets, and tokenized bank deposits. These pilots, involving partners like Standard Chartered Bank and Maybank, will inform policy and may apply to a future wholesale central bank digital currency.
Bank Negara Malaysia (BNM) has launched three regulatory sandbox pilots to research stablecoins and tokenized assets. These programs aim to test ringgit stablecoins for cross-border settlement and develop tokenized real-world assets and bank deposits.
The initiatives could apply to developing a wholesale central bank digital currency. Standard Chartered Bank, CIMB Group Holding, Maybank, and investment holding company Capital A are partners for the trials.
The central bank will also assess Shariah-related considerations during the pilot programs. These pilots will “inform our policy direction in these specified areas,” according to the BNM statement.
This effort follows a three-year tokenization roadmap outlined in a discussion paper released in November 2025. That roadmap targeted use cases like supply chain management and programmable finance.
In December, a ringgit-pegged stablecoin under the ticker RMJDT was launched by telecom company Bullish Aim, owned by crown prince Ismail Ibrahim. This stablecoin remains in a sandbox testing phase and is not publicly traded.
That same month, Standard Chartered Bank and Capital A also announced plans to explore a ringgit-pegged stablecoin for wholesale settlement. Wholesale stablecoins and CBDCs are designed for institutional, not retail, use.
