- Malaysia‘s central bank has selected three stablecoin projects for its regulatory Sandbox, the Digital Asset Innovation Hub.
- The projects focus on practical applications like B2B wholesale payments and settlement of tokenized assets.
- Key participants include Standard Chartered Bank Malaysia and travel conglomerate Capital A (formerly AirAsia).
- Governor Abdul Rasheed Ghaffour emphasized balancing innovation with financial stability safeguards.
Bank Negara Malaysia (BNM), the nation’s central bank, formally announced last week that it has onboarded three stablecoin and tokenized deposit projects into its Digital Asset Innovation Hub (DAIH). This move, following more than 30 initial applications, marks a significant step in the country’s exploration of digital assets for practical financial use cases.
Consequently, the sandbox initiatives are designed for wholesale payments and tokenized asset settlement, both domestically and across borders. Governor Abdul Rasheed Ghaffour recently described the program’s dual goals as “encourage innovation with guardrails to support financial stability.” Meanwhile, the central bank insists these use cases must be practical for real-world applications. One notable partnership involves Standard Chartered Bank Malaysia and Capital A, the renamed AirAsia Group, planning to use a ringgit stablecoin for business-to-business payments, according to reports. This aligns with similar ambitions, as Standard Chartered is part of a joint venture in Hong Kong seeking a stablecoin license.
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