Capital A, Standard Chartered Malaysia Team up to Explore Ringgit Backed Stablecoin

Roles and Focus Within Central Bank’s Innovation Hub

Capital A and Standard Chartered Bank Malaysia have signed a letter of intent (LOI) to jointly explore the development and testing of a ringgit‑denominated stablecoin through Bank Negara Malaysia’s Digital Asset Innovation Hub (DAIH).

The partnership represents Capital A’s first major move into regulated digital assets. The group plans to tap Standard Chartered’s institutional‑grade financial infrastructure and combine it with Capital A’s broad ecosystem of travel, fintech and digital businesses to test wholesale‑focused stablecoin applications.

Read more: Standard Chartered to Power Stablecoin Card for Real-World Crypto Payments

As part of the initiative, Standard Chartered Malaysia would take on the role of issuing the ringgit‑backed stablecoin, managing its design, testing and rollout. Capital A and its portfolio companies would focus on developing and piloting practical use cases such as real‑time settlements, improved treasury functions and programmable payment flows.

Malaysia’s central bank has positioned the DAIH as a collaborative sandbox for industry players to co‑create and test digital asset innovations, helping shape future regulatory frameworks. Local‑currency stablecoins, regulators say, could strengthen domestic liquidity, improve operational efficiency and support next‑generation financial services.

Tony Fernandes, CEO of Capital A, said the LOI marks a milestone in the group’s evolution beyond aviation. “The future of finance is digital, and this LOI marks a significant milestone in our transformation into a trusted, technology‑led ecosystem,” he said. “An MYR stablecoin developed with Standard Chartered and tested under BNM’s DAIH can unlock real potential for our enterprise operations — from real‑time settlements to better treasury management and programmable flows.”

Mak Joon Nien, CEO of Standard Chartered Malaysia, said the bank’s long history in the country positions it well to support emerging financial technologies. “Digital assets are a core part of the Bank’s strategy, and entering the stablecoin sandbox with like‑minded partners like Capital A reflects our commitment to shaping the architecture of tomorrow’s financial economy,” he said. “This initiative allows us to extend our expertise into the fast‑evolving digital asset ecosystem and support institutional clients with the assurance they require.”

Both organizations will now conduct further technical, regulatory and commercial assessments under BNM’s DAIH before moving toward any potential pilot.

The initiative advances Capital A’s goal of delivering faster, smarter and more connected digital experiences across its ecosystem, while strengthening Standard Chartered’s push to integrate digital assets as a lasting feature of future financial services.

FAQ ❓

• What is Capital A and Standard Chartered Malaysia exploring? They are jointly assessing a ringgit‑denominated stablecoin through Bank Negara Malaysia’s Digital Asset Innovation Hub.
• Who will issue the proposed MYR stablecoin? Standard Chartered Malaysia would act as the issuer, overseeing its design, testing and rollout.
• What use cases will Capital A focus on? Capital A will develop and pilot wholesale applications such as real‑time settlements, treasury optimization and programmable payments.
• Why is this initiative important for Malaysia? It supports BNM’s push for responsible digital asset innovation aimed at boosting liquidity, efficiency and next‑generation financial services.