Malaysia’s Ringgit Stablecoin Gains Momentum with Institutional Backing
Malaysia's cryptocurrency ambitions are taking shape with significant institutional involvement. Capital A, parent company of AirAsia, and Standard Chartered Bank Malaysia have signed a letter of intent to explore a ringgit-pegged stablecoin project. This follows closely on the heels of a royal-backed stablecoin announcement, signaling growing institutional adoption.
The partnership positions Standard Chartered to provide regulatory and technical expertise, while Capital A will test real-world applications across its travel and digital ecosystems. Tony Fernandes, CEO of Capital A, describes the MOVE as transformative—shifting the group from aviation-centric operations toward a technology-driven financial services platform.
Notably, the project will operate within Bank Negara Malaysia's regulatory sandbox, the Digital Asset and Islamic Finance Hub (DAIH). This supervised environment allows for rigorous testing of technical viability, regulatory compliance, and commercial potential before public deployment.
