Malayan Banking Berhad (Maybank) has launched its first pilot project involving ringgit tokenised deposits and cross border payments using blockchain technology, marking its entry into digital asset-based payment infrastructure under its ROAR30 initiative.

The pilot is being conducted under the supervision of Bank Negara Malaysia and represents an early test of how blockchain could be integrated into regulated banking systems.

Pilot Tests Digital Ringgit Deposits On Blockchain

Under the initiative, Maybank will test digital ringgit deposits issued on a permissioned blockchain network to facilitate cross border payments.

The project will also explore transactions involving ringgit and other Asean deposit tokens. The objective is to assess whether such on-chain transactions can be executed securely and in near real time.

Energy infrastructure group Yinson Holdings Berhad has signed on as the first participant in the pilot.

Supervised Under Bank Negara Malaysia’s Digital Asset Innovation Hub

The pilot is being conducted under the oversight of Bank Negara Malaysia’s Digital Asset Innovation Hub, which supports controlled experimentation involving digital asset technologies within regulatory boundaries.

Maybank said the exercise is intended to evaluate operational feasibility while laying the groundwork for potential future payment infrastructure.

Maybank President and Group Chief Executive Officer Datuk Seri Khairussaleh Ramli said the initiative reflects the bank’s efforts to modernise how money moves, particularly in transaction banking, Islamic finance, and wealth management.

Yinson Group Chief Executive Officer Lim Chern Yuan said faster settlement cycles, potentially close to real time, could improve working capital management while lowering foreign exchange exposure and transaction costs.

Tokenisation Plans Extend Beyond Corporate Payments

Beyond corporate cross border transactions, Maybank is exploring additional applications of tokenisation.

For small and medium-sized enterprises, the bank is assessing programmable money solutions that could automate payment flows from large clients, including government bodies and corporations. Increased payment transparency could, over time, support credit assessments and financing access.

In wealth management, Maybank is studying tokenised investment products, including Islamic finance assets such as sukuk and funds. Tokenisation may enable fractional ownership, which could lower entry thresholds for certain investment categories.

Maybank also aims to leverage its regional network to position itself as a gateway bank for tokenised Asean currencies and assets using blockchain-based systems.

How Tokenised Deposits Differ From Cryptocurrencies

Tokenised deposits are digital representations of bank deposits recorded on blockchain networks. Unlike cryptocurrencies, these deposits are backed by funds held within the banking system and operate within regulated financial frameworks.

The current pilot does not replace existing payment rails. Instead, it tests whether blockchain-based settlement can complement traditional cross border systems by reducing processing time and improving transparency.

Why This Pilot Could Shape Future Payment Infrastructure

This initiative reflects a broader shift among financial institutions towards testing blockchain within regulated banking environments rather than outside them.

For corporate clients, near real-time settlement could reduce the time funds remain in transit, which may improve cash flow visibility and reduce exposure to currency fluctuations. In cross border trade, even short settlement delays can affect working capital cycles.

For small and medium-sized enterprises, programmable payments could automate receivables from larger counterparties. Greater transparency in transaction records may strengthen documentation used in financing applications, depending on how banks integrate such systems into lending assessments.

In wealth management, tokenisation could gradually expand participation in investment products traditionally associated with higher minimum capital requirements. Fractional structures may allow broader access, subject to product design and regulatory approval.

At this stage, the initiative remains a supervised pilot under Bank Negara Malaysia’s Digital Asset Innovation Hub. No new consumer products or regulatory changes have been announced.

However, the project signals how Malaysia’s banking sector is testing digital asset infrastructure within existing regulatory safeguards. Any broader impact on businesses, investors, or consumers would depend on pilot outcomes and future implementation decisions.

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