KUALA LUMPUR: Malayan Banking Bhd
(Maybank) has successfully completed the first transaction under its inaugural pilot project for tokenised deposits and cross-border payments with Yinson Holdings Bhd.
The maiden transaction was carried out on March 25.
Yinson is a global energy infrastructure firm listed on the Main Market of Bursa Malaysia.
Maybank said the transaction marked a significant milestone in the bank’s digital innovation journey and advances its mission of humanising financial services, the heart of Maybank’s ROAR30 five-year strategy.
The project integrates tokenisation of bank deposits with on-chain foreign- exchange conversion from ringgit to Singapore dollars, followed by a near real-time cross-border payment from Malaysia to Singapore using Maybank’s permissioned blockchain.
The successful transaction demonstrates the technical feasibility of on-chain workflows and highlights their potential for integration into corporate treasury operations to enhance efficiency and settlement speed.
In a statement, Maybank president and group chief executive officer Datuk Seri Khairussaleh Ramli said the bank’s strategic focus on the ringgit-Singapore dollar currency pair reflects its ambition to lead in facilitating seamless cross-border transactions, leveraging its Malaysia-Singapore corridor advantage and position as an Asean gateway bank.
“We are pushing ahead with our ROAR30 strategy to build a regional transaction and payments platform across Asean that delivers integrated client experiences, frictionless money movement, and liquidity optimisation.
“Since announcing our pioneering partnership with Yinson, we have received strong market interest to collaborate on further pilots.
“This is encouraging, and with the next phase underway, we are exploring additional use cases and partnerships with clients across multiple segments.”
These additional use cases include tokenised Islamic finance solutions for businesses ranging from large corporates to small and medium enterprises, as well as retail and wealth clients.
