Luno, Halogen Capital and Kenanga Investors are exploring a Ringgit-backed stablecoin to settle transactions involving tokenised funds.
The proposed stablecoin, UMYR, would be fully backed by Ringgit and used to settle transactions for tokenised money market funds on-chain. The initiative aims to test real-time delivery-versus-payment settlement for fund subscriptions and redemptions, potentially reducing settlement times compared with conventional payment systems.
(From left) Kenanga Investors Bhd CEO Ismitz Matthew De Alwis, Halogen Capital CEO Hann Liew, and Luno Malaysia manager Scarlett Chai announcing their collaboration at the Luno Institutional Digital Asset Conference 2026.
Under the proposal, UMYR would be issued through a ring-fenced entity within the Luno group and backed one-for-one by Ringgit held in Malaysia in a segregated account with a regulated banking partner.
Luno would mint and burn UMYR against Ringgit received or paid out. It would also manage institutional onboarding and wallet whitelisting, and carry out daily reserve reconciliations supported by independent third-party attestations.
Halogen Capital and Kenanga Investors would use UMYR to settle subscriptions and redemptions for their tokenised money market funds. The fund managers would remain responsible for managing their funds, maintaining unit registries and meeting investor obligations under their respective licences.
The proposed arrangement would be a closed-loop business-to-business system for approved institutional participants. Retail clients would not be involved.
Luno Malaysia Country Manager Scarlett Chai said UMYR could support the digital asset ecosystem as it develops greater institutional capabilities. She said the proposed Ringgit-backed settlement instrument would demonstrate how on-chain liquidity and real-time delivery-versus-payment settlement could operate within Malaysia’s regulatory framework.
Halogen Capital Founder and CEO Hann Liew said settlement was a key next step for tokenised funds. He said testing UMYR with licensed partners could support faster and safer fund operations for institutional participants.
Kenanga Investors CEO Datuk Wira Ismitz Matthew De Alwis said the initiative would complement the firm’s asset tokenisation efforts. He said combining tokenised assets with new settlement infrastructure could help the industry realise the benefits of tokenisation, building on the launch of Myrra and Malaysia’s first tokenised funds.
The collaboration remains exploratory. Any launch of UMYR will be subject to regulatory discussions and final agreements between the parties.
Luno is a recognised market operator for digital asset exchange activities, while Halogen Capital and Kenanga Investors hold Capital Markets Services Licences.
