Maybank pilots tokenised ringgit for cross-border payments

The bank aims to pioneer a range of tokenised assets, from Islamic finance to wealth products.

Maybank has launched a pilot for ringgit tokenised money under Malaysia’s Digital Asset Innovation Hub (DAIH).

The pilot, launched in partnership with energy infrastructure company Yinson Holdings Berhad, will explore on-chain cross-border payments involving ringgit and other ASEAN deposit tokens using Maybank’s permissioned blockchain.

It will assess the technical feasibility and operational readiness of such transactions in near real-time, according to a press release.

Maybank said it aims to pioneer a range of tokenised assets, including tokenised Islamic finance for businesses— whether large corporates or small and medium enterprises (SMEs)— as well as services for retail customers.

For wealth clients, Maybank is exploring tokenised investment products, especially Islamic finance assets such as sukuk and funds.