AirAsia Founder and Standard Chartered Move to Develop Ringgit-Backed Stablecoin in Malaysia

Malaysia’s digital finance sector is entering a new chapter as Capital A Berhad, the parent company of AirAsia, joins forces with Standard Chartered Malaysia to explore the development of a ringgit-backed stablecoin. The collaboration will take place under Bank Negara Malaysia’s Digital Asset Innovation Hub, a regulated sandbox designed to test digital asset products, tokenisation models and programmable payment systems before wider market adoption.

The move is significant because it reflects the entry of major corporate and institutional players into Malaysia’s stablecoin landscape. Only weeks earlier, another ringgit-backed stablecoin pilot was launched by a separate corporate group. With Capital A and Standard Chartered now stepping in, stablecoins in Malaysia are shifting from isolated experiments toward mainstream financial infrastructure.

Capital A’s Strategic Transformation

For Capital A, this initiative aligns with its long-term goal of repositioning itself from a pure aviation group into a diversified digital ecosystem. Chief Executive Officer Tony Fernandes has repeatedly highlighted the company’s ambition to build a technology-led platform spanning travel, payments, logistics and online services. A ringgit-backed stablecoin fits into this vision by enabling faster settlement, more efficient treasury operations and improved cost controls.

The ability to automate financial flows is especially valuable for a group that operates across multiple subsidiaries, markets and regulatory environments. Capital A stands to benefit from real-time money movement, reduced reconciliation errors and programmable internal transfers that support high-volume, low-margin businesses.

Why AirAsia’s Involvement Matters

Capital A is not a finance company traditionally, but it operates one of Southeast Asia’s most interconnected ecosystems:

• Airlines

• Super app services

• Ride-hailing

• E-commerce

• Food delivery

• Payments and loyalty programs

• Logistics

• Telecommunication infrastructure

This network creates millions of micro-transactions, settlements and multi-entity treasury movements every day. For a company that deals with high-volume, low-margin operations, the value of instant settlement, reduced reconciliation and programmable internal transfers is enormous.

AirAsia is essentially creating a digital financial nervous system that could eliminate friction across its internal value chain.

A ringgit-backed stablecoin can automate internal workflows such as:

• Fuel payments

• Airport fees

• Supplier settlements

• Cross-company transfers

• Employee reimbursements

• Loyalty rewards

• Ticket refunds

• Insurance payouts

Programmable money is not about crypto. It is about building a highly efficient commercial machine that responds instantly to operational needs.

Standard Chartered’s Institutional Role

Standard Chartered’s involvement gives the initiative financial credibility and compliance strength. The bank has been expanding its digital asset capabilities across multiple markets and has emerged as one of the institutions most committed to the future of tokenised finance.

Its decision to participate in a stablecoin project in Malaysia demonstrates a clear belief that stablecoins are not only viable but strategically important as financial infrastructure evolves.

Standard Chartered’s Strategic Angle

Standard Chartered has been quietly building a strong presence in digital asset infrastructure across various markets. Its decision to participate in a stablecoin initiative in Malaysia shows that the bank sees stablecoins as a new revenue model and a new settlement layer.

Banks are realising that if they do not become issuers, they will become the rails on which other issuers run. Standard Chartered is choosing to lead rather than follow.

A bank-issued MYR stablecoin:

• strengthens local currency usage

• opens new wholesale liquidity channels

• supports trade finance

• improves real-time treasury workflows

• positions the bank in the next evolution of payments

Around the world, banks that lead tokenisation efforts will become the architects of the next financial generation.

Malaysia’s Digital Asset Evolution

The Digital Asset Innovation Hub reflects Malaysia’s commitment to testing blockchain-based financial tools in a controlled environment. Stablecoins, tokenised deposits and digital asset payment experiments are evaluated with close oversight to ensure consumer protection and financial stability.

With two major stablecoin initiatives now running in tandem, Malaysia is emerging as a leading testing ground for regulated digital asset solutions in Southeast Asia.

What This Means for Malaysia’s Financial Future

If the Capital A and Standard Chartered initiative proves successful, it could enable:

• more efficient corporate settlement

• programmable treasury flows

• faster travel and logistics payments

• automated refunds and payouts

• lower operational frictions across large ecosystems

• increased confidence in ringgit-denominated digital money

This is especially important for industries such as aviation, logistics and online services, where speed and accuracy of payments directly influence profitability.

Challenges and Considerations

Like all regulated pilots, the initiative must navigate compliance requirements, operational risks and technological integration challenges. The sandbox structure ensures that the project is evaluated thoroughly before any potential expansion to public or commercial use.

Both Capital A and Standard Chartered must demonstrate that the stablecoin is trustworthy, appropriately backed, and fully aligned with Malaysia’s financial regulations.

Key Takeaways

• Capital A and Standard Chartered are collaborating on a ringgit-backed stablecoin under Bank Negara Malaysia’s supervised sandbox.

• AirAsia’s multi-industry ecosystem makes it an ideal environment to test programmable money and real-time settlement.

• Standard Chartered’s involvement signals growing institutional adoption of tokenised financial infrastructure.

• A bank-issued stablecoin could streamline corporate payments, improve liquidity and enhance treasury operations.

• Malaysia is positioning itself as a regional leader in regulated stablecoin and tokenisation innovation.

This article incorporates reporting from Bloomberg, Free Malaysia Today, and local Malaysian media to ensure factual accuracy and transparency.