Standard Chartered and AirAsia Parent Forge Ringgit-Backed Stablecoin - A New Era for Asian Finance?

Two titans of Asian commerce are making a power play for the future of money. Standard Chartered, the banking heavyweight, and Capital A, the parent of AirAsia, are reportedly deep in talks to launch a stablecoin directly backed by the Malaysian ringgit.

Why This Isn't Just Another Crypto Gimmick

This isn't a speculative token chasing memes. It's a direct bridge between the volatile world of digital assets and the stability of a national fiat currency. The move targets a massive opportunity: streamlining cross-border payments, trade finance, and remittances across Southeast Asia—bypassing the traditional, costly correspondent banking network.

The Institutional Stamp of Approval

Standard Chartered's involvement is the key signal. A major global bank with deep regulatory roots doesn't dabble. Its venture arm, SC Ventures, has been aggressively building in the digital asset space, suggesting this is a calculated, strategic push into tokenized real-world assets.

Capital A's Real-World Utility Play

For Capital A, this is about embedding finance into its vast ecosystem. Imagine paying for flights, logistics, or in-flight services with a stablecoin that settles instantly and cheaply. It’s a masterclass in creating a closed-loop financial ecosystem that could lock in customer loyalty and slash operational costs.

The Regulatory Tightrope

The real battle won't be technological—it'll be in the regulatory halls. Gaining approval from Bank Negara Malaysia will be the ultimate litmus test. Success here could set a blueprint for other emerging market currencies, while failure would be a stark reminder that traditional finance still holds the keys.

A ringgit-pegged stablecoin could finally give the digital asset market the 'boring' legitimacy it craves from institutions—proving that sometimes the most revolutionary ideas involve mimicking the old system, just without the usual banker's hours and fees.

Standard Chartered, Capital A Target Institutional Use Cases for Ringgit Stablecoin

The effort marks Capital A’s first involvement in regulated digital asset development.

Under the plan, Standard Chartered Malaysia WOULD act as the issuer of the ringgit-backed token, while Capital A and its ecosystem partners would design and test wholesale-focused use cases.

The companies emphasized that the pilot will target institutional and enterprise applications rather than retail consumers.

Both parties framed the project as aligned with Malaysia’s wider ambitions to modernize payments, settlement rails and capital markets through emerging technologies.

Capital A said the collaboration “supports the aspirations of Malaysia,” signaling that stablecoins could become part of the country’s long-term financial infrastructure strategy.

The future of finance goes digital with Capital AStandard Chartered Malaysiahttps://t.co/1kAliG4y2E

The MOVE follows growing interest within Malaysia’s leadership, including the launch of a separate ringgit-backed stablecoin by the eldest son of the nation’s king.

BNM has recently accelerated its work in digital assets. Last month, it introduced a three-year roadmap to test asset tokenization in live environments and announced the formation of an Asset Tokenization Industry Working Group to coordinate development across banks, fintechs and regulators.

The central bank’s initiatives aim to provide controlled testing grounds while identifying legal and regulatory hurdles ahead of broader adoption.

Malaysia has been reassessing its digital asset stance since early 2025, when government officials began exploring a new national crypto policy.

Earlier this week, Malaysia’s Crown Prince formally stepped into the digital-asset sector with a new state-backed stablecoin initiative and a large crypto-treasury plan.

Bullish Aim Sdn. Bhd., chaired and owned by His Royal Highness Tunku Ismail Ibni Sultan Ibrahim, the Regent of Johor, announced the launch of RMJDT, a ringgit-backed stablecoin issued on Zetrix, the Layer-1 blockchain that powers Malaysia’s national Malaysia Blockchain Infrastructure.

Malaysia’s Securities Regulator Proposes Major Overhaul of Crypto Exchange Rules

As reported, Malaysia’s Securities Commission (SC) has unveiled plans to modernize its Digital Asset Exchange (DAX) regulatory framework following a surge in crypto trading volumes, which hit RM13.9 billion ($2.9 billion) in 2024, more than double the previous year.

The SC’s consultation paper, open from June 30 to August 11, 2025, outlines reforms aimed at speeding up token listings, strengthening governance, and enhancing investor protection as Malaysia’s digital asset ecosystem matures.

Under the proposed rules, eligible tokens could be listed on regulated exchanges without prior SC approval, provided they meet predefined criteria.

The move is intended to reduce regulatory bottlenecks and allow exchanges to respond faster to market demand, though it places more responsibility on operators to ensure compliance and manage risks.

The regulator also plans to impose stricter governance standards, including segregation of client assets, improved risk management, and higher financial thresholds for DAX operators to bolster resilience and investor confidence.

The reforms FORM part of Malaysia’s broader fintech and crypto modernization push, which includes Bank Negara Malaysia’s exploration of asset tokenization and CBDC pilots.

However, regulators continue to stress caution, maintaining that cryptocurrencies are not legal tender and ramping up enforcement against unlicensed exchanges such as Bybit and Huobi.