Malaysia launches tokenised bond and sukuk platform linked to 365-day payment settlement
Key Facts
Malaysia's central bank announced on 20 October 2026 the launch of SSDS+ for the issuance, deposit and custody of tokenised bonds and sukuk, expanding the country's digital infrastructure for debt instruments. The bank developed the platform in-house using cloud computing and distributed ledger technology, according to its launch statement. Its development built on the existing wholesale-market securities depository system, known as SSDS. The new platform supports wholesale issuance and is also ready to support the issuance of tokenised government bonds. That readiness extends to tokenised corporate bonds for retail investors, broadening the range of instruments the new infrastructure can accommodate alongside wholesale-market instruments.
The platform records ownership and transfers of tokenised securities, while RENTAS+ settles the corresponding payments through a link between the systems. Settlement uses "central bank money", according to the wording in the bank's statement on the linkage mechanism. RENTAS+ enables interbank fund transfers and settlement around the clock, every day of the week, 365 days a year. It went live on 29 September 2025, enabling near-instant settlement of transactions on the retail payments platform, according to the bank's annual report. Before the system went live, retail payments were settled 2 times daily on a deferred net settlement basis.
RENTAS settled transactions worth about 73.63 trillion ringgit during 2024, according to the central bank's statement announcing the launch of its upgraded version. In the same statement, the bank described the system as the world's largest sukuk depository. It held $300 billion in sukuk, placing Islamic financing instruments within the existing custody base whose infrastructure is being modernised. In parallel, under Project Mawar, the bank is studying the use of wholesale central bank digital currency and distributed ledger technology to improve settlement efficiency. The project aims for faster, more reliable interbank settlement while reducing the number of intermediary banks involved, according to the bank's annual report.
The platform is part of a broader effort to test digital asset applications, one strand of which the bank began by establishing the Digital Asset Innovation Hub in June 2025. The hub explores blockchain applications in the financial sector, according to its published official description. During 2026, it included 3 initiatives testing real-world uses of ringgit-denominated stablecoins and tokenised deposits. Among the participants, Standard Chartered Malaysia is working with Capital A to test local-currency stablecoins. The test focuses on settling business-to-business payments, according to the central bank's description of the initiative accepted into the innovation hub.
In another banking initiative within the hub, Maybank is testing the use of tokenised deposits for payments, according to Malaysia's central bank. CIMB, meanwhile, is testing tokenised deposits for settling tokenised securities. Maybank's test thus focuses on using deposits for payments, while the other bank's trial is dedicated to securities settlement. Some use cases being tested include examining Shariah considerations associated with these applications, according to the bank's update on the hub's initiatives. This examination forms part of the ringgit stablecoin and tokenised deposit tests hosted by the hub during 2026.
On the regulatory front, the bank issued a discussion paper on asset tokenisation in Malaysia's financial sector on 30 October 2025 to gather feedback. The consultations were intended to shape its regulatory and developmental approach to asset tokenisation, according to the statement announcing the paper. The bank requires further assessment before solutions participating in the innovation hub can be launched commercially. It clarified that acceptance into the hub "does not constitute or guarantee" regulatory recognition after testing ends. The bank aims to provide greater clarity on the use of ringgit stablecoins and tokenised deposits by the end of 2026.