KUALA LUMPUR (Dec 12): Capital A Bhd (KL:CAPITALA) and Standard Chartered Bank Malaysia have signed a letter of intent (LOI) to jointly explore the development and testing of a ringgit-denominated stablecoin through Bank Negara Malaysia’s Digital Asset Innovation Hub (DAIH).
A stablecoin is a digital currency that keeps its value steady, unlike bitcoin or ethereum.
In a joint statement on Friday, the two companies said Standard Chartered Malaysia will act as the issuer of the stablecoin, while Capital A and its ecosystem will focus on developing, testing, and piloting real-world wholesale use cases. The project aims to enhance domestic liquidity, operational efficiency, and enable next-generation financial services in Malaysia.
Capital A chief executive officer Tan Sri Tony Fernandes described the initiative as a milestone in the company’s transformation into a technology-led ecosystem, highlighting potential benefits such as real-time settlements, improved treasury management, and programmable financial flows.
“The future of finance is digital, and this LOI marks a significant milestone in our transformation from an aviation-centric group into a trusted, technology-led ecosystem. A MYR stablecoin developed with Standard Chartered’s expertise and tested under BNM’s DAIH can unlock real potential for our enterprise operations — spanning real-time settlements, better treasury management, and programmable flows that ultimately improve how we serve our customers. With Capital A being a multi-platform travel and digital group, we can bring practical, high-impact use cases at scale to Malaysians and the Asean region,” Fernandes said.
Standard Chartered Malaysia CEO Mak Joon Nien said the move reflects the bank’s long-standing commitment to innovation and financial inclusion, while extending its expertise into the fast-growing digital asset sector.
Bank Negara’s DAIH serves as a platform for co-creating and testing innovative digital asset solutions and shaping a responsible regulatory framework. Both companies will now assess technical, regulatory, and commercial considerations under the sandbox.
This marks Capital A’s first major entry into regulated digital assets and aligns with Standard Chartered’s strategy of making digital assets a permanent part of the future of financial services.
The news follows the launch of RMJDT by Johor Regent Tunku Ismail Sultan Ibrahim. RMJDT is a ringgit-backed stablecoin on Zetrix AI Bhd’s (KL:ZETRIX) blockchain, and his company, Bullish Aim Sdn Bhd, is issuing it under a regulated sandbox.
Bullish Aim will also create a digital asset treasury with RM500 million in Zetrix tokens, possibly rising to RM1 billion, to help stabilise transaction fees for RMJDT.