Luno, Halogen Capital and Kenanga Investors explore Ringgit-pegged stablecoin for tokenised fund settlement

Kuala Lumpur, 24 September 2026 – Malaysia’s leading digital asset exchange, Luno Malaysia Sdn. Bhd. (“Luno”) today announced a strategic collaboration with Halogen Capital Sdn. Bhd. (“Halogen Capital”) and Kenanga Investors Berhad (“Kenanga Investors”) at LIDAC 2026 in Kuala Lumpur, to explore the use of a fully reserved, Ringgit-pegged stablecoin (UMYR) as an on-chain settlement instrument for tokenised money market funds.

The collaboration brings together three entities licensed by the Securities Commission Malaysia (SC): Luno, a registered Recognised Market Operator (Digital Asset Exchange), and Halogen Capital and Kenanga Investors, both Capital Markets Services Licence (CMSL) holders operating tokenised funds and mandates.

The initiative aims to demonstrate real-time Delivery-versus-Payment (DvP) settlement for fund subscriptions and redemptions, reducing the settlement windows that currently apply on conventional rails.

About the Initiative
UMYR is proposed to be issued by a dedicated, ring-fenced issuance entity within the Luno group, and backed one-for-one by Ringgit held onshore in a segregated account with a regulated banking partner.

Under the proposed initiative:

• Luno (Issuer) will mint and burn UMYR on a strict 1:1 basis against Ringgit received or disbursed, manage institutional onboarding and wallet whitelisting, and provide daily reserve reconciliations supported by independent third-party reserve attestations.
• Halogen Capital and Kenanga Investors (Fund Partners) will participate as usecase fund managers, accepting UMYR for subscription and redemption settlements into their tokenised money market funds, while retaining sole responsibility for fund management, unit registry and investor obligations under their CMSL licences.

The initiative is designed as a closed-loop, business-to-business arrangement among whitelisted institutional participants. No retail clients will be onboarded, involved or served during the stablecoin initiative.

Scarlett Chai, Country Manager (Malaysia), Luno said, “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.”

Hann Liew, Founder and CEO, Halogen Capital, said, “As an early adopter of tokenised funds in Malaysia, we see settlement as the next piece of the puzzle, and testing UMYR as a dedicated settlement instrument aligns perfectly with our vision for modern fund management. Working within a regulated framework alongside SC-licensed partners ensures we can deliver faster, safer fund operations for institutional participants.”

Datuk Wira Ismitz Matthew De Alwis, Chief Executive Officer, Kenanga Investors Berhad, said, “This will further complement our asset tokenisation efforts. Paired with next-generation settlement infrastructure, we believe that the initiative will bring the industry much closer to unlocking the full benefits of tokenisation, building on the foundations we established with the launch of Myrra and Malaysia’s first tokenised funds. As we explore this opportunity, our fiduciary obligations remain unchanged, and we will continue to engage closely with regulators.”

What this means for Malaysia’s Capital Markets
The collaboration marks a step towards testing regulated digital asset infrastructure alongside Malaysia’s existing fund management ecosystem. Key features of the proposed initiative include:

• Faster settlement: Real-time DvP settlement for fund subscriptions and redemptions, compared with conventional settlement windows.
• Full reserve backing: UMYR is designed to be backed 1:1 by Ringgit held onshore in segregated accounts, with daily reconciliation and independent attestation.
• Responsible innovation: By testing UMYR with regulated Parties, it ensures future development of on-chain settlement in Malaysia rests on tested controls rather than untested assumptions.

Building Regulated Digital Asset Infrastructure for Malaysia

The initiative builds on Luno’s track record as the first digital asset exchange regulated by the Securities Commission Malaysia, trusted by over 1 million Malaysians and offering the country’s largest SC approved list of digital assets. By bringing a fully reserved, Ringgit-backed settlement instrument together with tokenised funds managed by licensed capital markets institutions, the Parties aim to show how blockchain settlement can operate within, rather than around, Malaysia’s regulatory framework.

It records the Parties’ commercial intent to collaborate and does not itself constitute a commitment to launch UMYR or the initiative. Participation remains subject to regulatory engagement and the execution of definitive agreements.

The partnership was announced at the Luno Institutional Digital Asset Conference (LIDAC), Malaysia’s flagship digital asset conference for institutions. Held at M Resort & Hotel, Kuala Lumpur, the conference examined the next phase of Malaysia’s digital asset industry, spanning stablecoins, tokenisation, real world assets, custody and compliance.

Over 500 institutional fund managers, financial advisors, regulators, compliance leaders and Web3 pioneers from across the region gathered to discuss best practices in custody, compliance and risk management. Building on the inaugural edition in 2025, this year’s programme reflected a market moving from establishing foundations to building the infrastructure, governance and institutional capabilities needed for responsible adoption at scale.

For further information, visit Luno Malaysia’s official Facebook and Instagram pages.

To download the pdf, click here.