Cover Story: Banks shift tokenisation into higher gear
RWA Signal Insight
InfrastructureMalaysian financial institutions are rapidly advancing tokenization initiatives following the launch of Bank Negara Malaysia’s Digital Asset Innovation Hub in June 2025. CIMB, Maybank, and Standard Chartered Malaysia are currently conducting live pilots to test tokenized deposits, stablecoins, and securities within a controlled regulatory environment. CIMB recently achieved a significant milestone by settling a RM1.68 billion sukuk issuance using tokenized deposits on its proprietary CIMB Blockchain Connect platform. This shift from small-scale pilots to market-sized transactions signals growing institutional confidence in blockchain-based settlement infrastructure. Meanwhile, Maybank has successfully piloted tokenized supply chain financing and cross-border payments involving ringgit-to-Singapore-dollar FX conversions. These developments align with broader global trends where major institutions like the DTCC, NYSE, and Citigroup are integrating distributed ledger technology to enhance treasury efficiency and liquidity. The rapid adoption in Malaysia is supported by strong local demand, with 50% of treasury professionals expressing high likelihood to utilize digital currencies in the near future.
Key points
- CIMB settled a RM1.68 billion tokenized sukuk using tokenized deposits on its private blockchain.
- Maybank completed a RM1 million tokenized supply chain financing pilot via the NexA platform.
- Bank Negara Malaysia’s Digital Asset Innovation Hub is overseeing live tokenization pilots through 2027.
- HSBC report indicates 50% of Malaysian treasury professionals plan to adopt digital currencies soon.
Background
Tokenization involves representing real-world assets or financial claims as digital tokens on a blockchain or distributed ledger. This process aims to replace traditional, slower payment infrastructures like RENTAS+ with near-instant, programmable settlement systems. Tokenized deposits are digital representations of fiat currency held at a bank, allowing for atomic settlement of securities and payments on-chain.