Maybank has started piloting ringgit tokenised deposits for cross-border payments using a blockchain platform under Bank Negara Malaysia’s Digital Asset Innovation Hub. The trial involves energy infrastructure firm Yinson Holdings Berhad.
The bank will test on-chain cross-border transactions with ringgit and other ASEAN deposit tokens on its permissioned blockchain network to evaluate technical feasibility and operational readiness for secure near real-time transactions. The project also supports the development of next-generation payment infrastructure.
This move is part of Maybank’s wider digital transformation strategy, which includes expanding digital asset and tokenisation capabilities across Islamic finance, corporate banking, and wealth management. The bank is also exploring tokenised Islamic finance products such as sukuk and funds with fractional participation.
Additionally, Maybank is assessing how programmable money can help SMEs by automating payments from governments and large corporates, potentially improving transparency and access to financing.
President and Group CEO Dato’ Sri Khairussaleh Ramli said the initiative aims to deliver practical benefits to clients like Yinson and the broader economy while maintaining high standards of governance, security, and regulatory compliance.
Yinson noted that faster settlement cycles could enhance working capital management and reduce foreign exchange and transaction costs. Maybank will continue collaborating with regulators and industry partners as it scales its tokenisation efforts.
