PETALING JAYA (Feb 26): Kenanga Investment Bank Bhd (Kenanga Group) partnered with Stellar Development Foundation to launch the first tokenised money market funds in Malaysia.
Stellar is a US-based non-profit organisation that supports the Stellar network. It is one of the earliest blockchains designed specifically to support payments, asset issuance and financial products in a compliance-forward and transparent manner.
According to press release, the Stellar blockchain also hosts Franklin Templeton’s Benji token, a tokenised US Treasury money market fund primarily used by institutional users for on-chain settlement and peer-to-peer transfers.
The announcement came together with the introduction of Myrra, a dedicated token platform that leverages the Stellar blockchain to enable the tokenisation of real-world assets.
The inaugural deployment on the Myrra platform is the tokenisation of the Kenanga Money Market Fund and Kenanga Islamic Money Market Fund managed by Kenanga Investors Bhd (KIB).
The two funds represent the first tokenised unit trust funds to go live within the Malaysian market.
Through this initiative, investors can transact blockchain-based digital representations of the funds’ units through Myrra. Tokens are issued on a 1:1 basis, with each token representing a unit of either fund. This ensures the digital tokens function exactly like traditional funds, prioritising regulatory compliance, legal parity with existing unit holders and operational integrity.
The announcement took place at the Blockchain Summit 2026, co-organised by Credit Saison and Pacific Meta as part of the Japan Fintech Week.
By tokenising its Malaysian ringgit money market funds, Kenanga Group is bringing money market products directly to a broader segment of Malaysian investors, enabling the purchase or selling of tokens directly on Myrra’s web portal.
"The launch of Malaysia’s first tokenised money market fund on the new Myrra platform represents a major step forward in our group-wide commitment to driving digital innovation across the Malaysian capital markets," said Datuk Chay Wai Leong, group managing director of Kenanga Group.
"The implementation is a strategic initiative to evolve our existing distribution and operational processes and capabilities through the operational efficiencies offered by distributed ledger technology. We believe this will work towards driving investor participation without compromising regulatory standards and transparency," said Datuk Ismitz Matthew De Alwis, CEO of KIB.
Jose Fernandez De Ponte, president and chief growth officer at the Stellar Development Foundation, said: "This deployment by Kenanga Group is a prime example of how digital public infrastructure is scaling on Stellar, making financial services more accessible, efficient and inclusive for everyone across the globe".
According to the press release, Myrra represents a milestone in addressing a tokenised asset opportunity in Malaysia, estimated at US$43 billion by 2030. It builds upon recent efforts by the Securities Commission Malaysia to advance tokenised capital market products within a framework that balances innovation with investor protection.