KUALA LUMPUR (Feb 11): Malayan Banking Bhd (KL:MAYBANK) has launched its first pilot project for ringgit tokenised deposits and cross border payments using blockchain technology, marking a step into digital assets under its ROAR30 initiative.

Under the initiative, Maybank will test the use of digital ringgit deposits on its permissioned blockchain to carry out cross border payments. The project will also explore transactions involving ringgit and other Asean deposit tokens.

The pilot is being conducted under the supervision of Bank Negara Malaysia’s (BNM) Digital Asset Innovation Hub (DAIH). Energy infrastructure group Yinson Holdings Bhd (KL:YINSON) has signed on as the first participant.

Maybank said in a statement that the pilot is meant to assess whether such on-chain transactions can be executed securely and in near real time, while preparing the groundwork for future payment infrastructure.

Maybank president and group chief executive officer Datuk Seri Khairussaleh Ramli said the move is part of the bank’s push to rethink how money moves, in line with its ambition to strengthen its position in Islamic finance, wealth management, and transaction banking.

"We continue to work on innovation to deliver tangible benefits for our clients like Yinson and the broader real economy, while upholding the highest standards of governance, security and regulatory integrity."

Yinson group CEO Lim Chern Yuan said faster settlement cycles, potentially close to real time, would allow the group to "manage working capital more efficiently", while lowering foreign exchange exposure and transaction costs.

"We welcome the prospect of collaborating with BNM and Maybank in this pilot initiative."

Beyond corporate payments, Maybank said it plans to expand tokenisation to other areas. For small and medium-sized enterprises, the bank is looking at programmable money to automate payment flows from large clients such as governments and corporates. Greater transparency in payments could eventually improve access to financing.

For wealth management clients, Maybank is exploring tokenised investment products, including Islamic finance assets such as sukuk and funds. By enabling fractional ownership, the bank said more investors may be able to participate in such products.

Maybank said it aims to leverage its regional network to position itself as a gateway bank for tokenised Asean currencies and assets using blockchain based solutions.

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