Luno Malaysia, Halogen Capital, and Kenanga Investors have announced a strategic collaboration to explore the use of a Ringgit-pegged stablecoin, UMYR, for tokenised fund settlement. The announcement was made at the Luno Institutional Digital Asset Conference (LIDAC) 2026 in Kuala Lumpur. The initiative seeks to demonstrate real-time Delivery-versus-Payment (DvP) settlement for fund subscriptions and redemptions, aiming to reduce the settlement windows currently experienced with conventional methods.
The collaboration involves three entities licensed by the Securities Commission Malaysia: Luno, a recognised market operator for digital assets, and Halogen Capital and Kenanga Investors, both holding Capital Markets Services Licences. UMYR is proposed to be issued by a dedicated entity within the Luno group, backed one-for-one by Ringgit held in a segregated account with a regulated banking partner.
Scarlett Chai, Country Manager for Luno Malaysia, stated, “With Malaysia’s digital asset ecosystem moving from foundational setup to institutional capability, infrastructure like UMYR is essential.” Hann Liew, CEO of Halogen Capital, added that testing UMYR aligns with their vision for modern asset management. Kenanga Investors’ CEO, Ismitz Matthew De Alwis, noted that the initiative complements their asset tokenisation efforts.
The initiative is designed as a closed-loop business-to-business arrangement among whitelisted institutional participants, with no retail clients involved. It aims to build on Luno’s track record as a regulated digital asset exchange and demonstrate how blockchain settlement can operate within Malaysia’s regulatory framework. The collaboration marks a significant step towards integrating regulated digital asset infrastructure with Malaysia’s existing fund management ecosystem.
