AirAsia parent company Capital A as well as Standard Chartered Bank Malaysia have signed a Letter of Intent (LOI) to explore a ringgit-denominated stablecoin within Bank Negara Malaysia’s Digital Asset Innovation Hub (DAIH). The move marks Capital A’s first major step into regulated digital assets and positions both companies to test how an MYR-backed token could function in real-world enterprise settings.
Standard Chartered Malaysia will take the lead as the potential issuer of the stablecoin, while Capital A plans to develop and test wholesale use cases across its extensive travel and digital ecosystem. The companies said the collaboration allows them to combine institutional-grade financial infrastructure with practical, high-volume commercial applications.
Capital A CEO Tony Fernandes said stablecoin could benefit Capital A’s internal operations through real-time settlements, improved treasury management and programmable financial flows, ultimately helping the company to serve customers more efficiently. Meanwhile, Standard Chartered Malaysia CEO Mak Joon Nien said digital assets form a key part of the bank’s strategy and noted that the effort with Capital A could also help expand digital asset-linked services for institutional clients who require strong assurances.
BNM’s DAIH provides a controlled space where banks and industry players can co-create and test new concepts to guide future regulations and encourage safe experimentation. Both companies will now carry out technical, regulatory and commercial assessments under the sandbox.
On a related note, Malaysia has also seen another ringgit-linked stablecoin activity this week. Bullish Aim Sdn Bhd, chaired by Tunku Ismail Ibni Sultan Ibrahim, recently launched RMJDT, a ringgit-backed stablecoin pegged 1:1 to MYR and backed by cash deposits and short-term Malaysian government bonds. It is intended to support faster, blockchain-based payments and strengthen the ringgit’s use in cross-border trade settlements.
(Source: Capital A [press release])
