KUALA LUMPUR: Kenanga Investment Bank Bhd
(Kenanga IB) and US-based non-profit Stellar Development Foundation have introduced Myrra, a dedicated token platform that leverages the Stellar blockchain to enable the tokenisation of real world-assets.
The inaugural deployment on the Myrra platform is the tokenisation of the Kenanga Money Market Fund (KMMF) and the Kenanga Islamic Money Market Fund (KIMMF) managed by Kenanga Investors Bhd - the first tokenised unit trust funds to go live within the Malaysian market.
This allows investors to transact blockchain-based digital representations of the funds’ units through Myrra.
Tokens are issued on a 1:1 basis, with each token representing a unit of either fund. This ensures the digital tokens function exactly like traditional fund units, while prioritising regulatory compliance, legal parity with existing unit holders, and operational integrity.
“The launch of Malaysia’s first tokenised money market funds on the new Myrra platform represents a major step forward in our group-wide commitment to driving digital innovation across the Malaysian capital markets,” said Datuk Chay Wai Leong, group managing director of Kenanga Group.
“By deploying on the Stellar network, we are able to contribute to the development of a digital public infrastructure that aligns with Malaysia’s vision of becoming a regional centre for blockchain-enabled finance.”
According to Kenanga IB, Stellar is one of the earliest blockchains designed specifically to support payments, asset issuance, and financial products in a compliance-forward and transparent manner.
It hosts Franklin Templeton’s Benji token, a tokenised US Treasury money market fund primarily used by institutional users for on-chain settlement and peer-to-peer transfers.
Stellar also powers MoneyGram’s large-scale cash-to-crypto on/off-ramp across 170 countries using USDC and supports the United Nations High Commissioner for Refugees (UNHCR) in distributing USDC-based aid that refugees can redeem even without bank accounts.
“Tokenisation drives real-world utility and access when it is built on infrastructure that institutions and regulators trust,” said Jose Fernandez da Ponte, president and chief growth officer at the Stellar Development Foundation.
