PETALING JAYA: Luno Malaysia Sdn Bhd, Halogen Capital Sdn Bhd and Kenanga Investors Bhd have announced a strategic collaboration to explore the use of a ringgit‑pegged stablecoin (UMYR) for tokenised fund settlement.
The initiative seeks to demonstrate real‑time delivery‑versus‑payment (DvP) settlement for fund subscriptions and redemptions, reducing the delays inherent in conventional settlement systems.
The UMYR would be issued by a ring‑fenced entity within the Luno group, fully backed 1:1 by ringgit held in segregated accounts with a regulated banking partner.
Luno will handle issuance, burning, reconciliation, and third‑party reserve attestations, while Halogen Capital and Kenanga Investors will act as fund partners, accepting UMYR for settlement in their tokenised money market funds. Importantly, the initiative is institution‑only, with no retail participation, ensuring a controlled and regulated environment, Luno noted in a release.
“With Malaysia’s digital asset ecosystem moving from foundational setup to institutional capability, infrastructure like UMYR is essential. By providing a 1:1 Ringgit-backed, fully segregated settlement instrument, we are showing how on-chain liquidity and real-time DvP settlement can operate seamlessly and responsibly within Malaysia’s existing regulatory framework alongside licensed industry leaders,” Scarlett Chai, Country Manager (Malaysia), Luno said.
Hann Liew of Halogen Capital noted settlement as the “next piece of the puzzle” for tokenised funds. Datuk Wira Ismitz Matthew De Alwis of Kenanga Investors highlighted how this complements their asset tokenisation efforts, building on earlier initiatives like Myrra.
The partnership does not yet constitute a formal launch but signals intent to collaborate under regulatory oversight. It represents a significant step toward integrating blockchain settlement into Malaysia’s capital markets, potentially unlocking efficiency, transparency, and scalability for institutional fund management.
