Capital A, the investment holding company of AirAsia founder Tony Fernandes, recently signed a letter of intent with Standard Chartered Bank Malaysia Bhd. to jointly launch a testing program for the Ringgit stablecoin. This collaboration comes shortly after members of the Malaysian royal family publicly announced a similar stablecoin project.
Capital A and Standard Chartered Malaysia sign letter of intent for stablecoin cooperation.
Capital A and Standard Chartered Malaysia have officially signed a letter of intent to develop and test a stablecoin based on the Malaysian Ringgit at the Digital Asset Innovation Centre, which is under the supervision of the Central Bank of Malaysia.
This testing program will be conducted under official oversight and is part of the financial innovation sandbox system led by the Central Bank of Malaysia.
Roles are divided: Standard Chartered acts as the issuer, and Capital A tests the actual application.
According to the statement, Standard Chartered Malaysia will act as the issuer of the ringgit stablecoin and be responsible for its financial and compliance structure. Capital A will have the opportunity to assist in testing real-world, non-retail, corporate or institutional use cases for the stablecoin.
The founder's personal statement signifies a key turning point for Capital A's transformation through stablecoin partnerships.
In a statement, Capital A founder and AirAsia founder Fernandez said the partnership "symbolizes a significant milestone in the group's transformation from an aviation-centric ecosystem to a trusted, technology-driven one."
The related statements focused on the company's long-term transformation direction, without further explaining the specific business model or actual application scale of the Ringgit stablecoin in the future.
The statement also indicated that Capital A is currently undergoing a group restructuring, planning to sell its AirAsia aviation business to its sister company, AirAsia X Bhd. Upon completion of the restructuring, Capital A will officially transform into a "non-aviation holding company," and its future operations will no longer focus on aviation business.
The Malaysian royal family ignites market attention, fueling discussions about the ringgit stablecoin.
The timing of this collaboration comes at a time when discussions about "ringgit stablecoins" are rising in the Malaysian market. Just days earlier, a member of the Malaysian royal family announced another ringgit-based stablecoin project, bringing the issue back into the market spotlight.
This article, "AirAsia Partners with Standard Chartered Malaysia to Launch Ringgit Stablecoin Testing Program," first appeared on ABMedia, a ABMedia .
