Malaysia is showing real interest in cryptocurrency, and the push is coming from institutions that matter.
Capital A, the parent company of AirAsia, and Standard Chartered Bank Malaysia have signed a letter of intent to explore a ringgit-backed stablecoin, placing the project inside Bank Negara Malaysia’s Digital Asset Innovation Hub (DAIH).
The development comes just days after a royal-backed ringgit stablecoin was announced.
Under the agreement, Standard Chartered Malaysia is expected to act as the issuer, while Capital A will focus on testing real-world wholesale use cases across its travel and digital businesses. This marks Capital A’s first move into regulated digital assets.
Calling the move a turning point, Capital A CEO Tony Fernandes said the deal “marks a significant milestone in our transformation from an aviation-centric group into a trusted, technology-led ecosystem.”
Fernandes added that a stablecoin could improve internal operations through real-time settlements, better treasury management, and programmable financial flows, helping the group serve customers more efficiently.
Unlike many private stablecoin projects, this initiative is being tested inside Bank Negara Malaysia’s regulatory sandbox. The DAIH allows banks and companies to experiment under close supervision, running technical, regulatory, and commercial assessments before anything reaches wider use.
Standard Chartered Malaysia CEO Mak Joon Nien said digital assets are a core part of the bank’s long-term strategy, especially for institutional clients that require strong assurances.
Just days earlier, Bullish Aim, chaired by the son of Malaysia’s king, unveiled RMJDT, a ringgit-pegged stablecoin backed by cash and short-term government bonds.
The token will run on Zetrix, a government-linked blockchain, and is designed for domestic payments and cross-border trade.
Together, these developments point to a broader shift in Malaysia.
It’s a regulated effort by Capital A and Standard Chartered to test a ringgit-pegged stablecoin inside the central bank’s innovation hub.
Malaysia is not launching a central bank digital currency yet, but major institutions are now testing regulated, ringgit-pegged stablecoins within the central bank’s supervised innovation hub.
Projects like those from AirAsia and Standard Chartered are being tested in Bank Negara’s regulatory sandbox, ensuring they meet strict oversight before any public launch for safety and compliance.
RMJDT is a royal-backed, ringgit-pegged stablecoin backed by cash and government bonds, built on a government-linked blockchain for domestic and cross-border trade payments.
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