Luno Malaysia, Halogen Capital and Kenanga Investors announced on September 24, 2026 in Malaysia that they will explore a fully reserved, ringgit-pegged stablecoin called UMYR to settle transactions in tokenised money market funds. The initiative tests real-time delivery-versus-payment settlement among licensed institutional participants, and could affect how the cash leg of tokenised fund transactions moves within Malaysia’s regulated capital market.
Key Facts At A Glance
- The proposed stablecoin, UMYR, would be pegged one-to-one to the Malaysian ringgit and fully backed by ringgit reserves.
- Reserves would be held onshore in a segregated account with a regulated banking partner.
- A ring-fenced entity within the Luno group would issue UMYR and handle minting, burning, institutional onboarding and wallet whitelisting.
- Halogen Capital and Kenanga Investors would accept UMYR for subscriptions and redemptions in their tokenised money market funds.
- The arrangement is a closed-loop, business-to-business system limited to whitelisted institutional participants, with no retail investors.
- All three companies are licensed by the Securities Commission Malaysia.
- The companies have not disclosed a launch date, transaction volumes or the name of the banking partner.
Settlement Objective
Luno Malaysia, Halogen Capital and Kenanga Investors are exploring the use of a fully reserved ringgit-pegged stablecoin as an on-chain settlement instrument for tokenised money market funds. The three Malaysia-based companies said in a joint statement on Thursday that they had reached a strategic partnership for the move. The proposed stablecoin, UMYR, would be fully backed by ringgit.
The collaboration aims to demonstrate real-time delivery-versus-payment (DvP) settlement for fund subscriptions and redemptions, an approach expected to shorten traditional settlement windows and improve capital efficiency for institutional investors. DvP refers to the simultaneous exchange of fund units and cash.
How The Proposed Arrangement Would Work
UMYR would be issued through a ring-fenced entity within the Luno group and backed one-for-one by ringgit held onshore in a segregated account with a regulated banking partner. Luno would mint and burn the token against ringgit received or paid out, manage institutional onboarding and wallet whitelisting, and carry out daily reserve reconciliations. The companies also plan independent third-party reserve attestations.
Halogen Capital and Kenanga Investors would act as fund partners, accepting UMYR for subscriptions and redemptions in their tokenised money market funds. They would keep responsibility for fund management, unit registries and investor obligations under their existing licences.
The proposed arrangement would operate as a closed-loop, business-to-business system among whitelisted institutional participants, and retail clients would not take part. The companies are not presenting UMYR as a retail payment token or a general-purpose digital ringgit. The initial design is narrower: a settlement tool for regulated institutional participants operating in a controlled environment.
Regulatory Context
All three companies operate under Malaysia’s Securities Commission. Luno is registered as a Recognised Market Operator for its digital asset exchange, while Halogen Capital and Kenanga Investors hold Capital Markets Services Licences. Tokenised funds can move ownership records onto digital infrastructure, but settlement still requires a reliable representation of cash, clear reserve arrangements, investor controls and compliance processes.
Luno country manager Scarlett Chai said infrastructure such as UMYR is essential as Malaysia’s digital asset ecosystem moves from foundational setup to institutional capability.
Publicly available information on the initiative remains limited. The announcement does not specify a launch timeline, expected transaction volumes, the size of the participating funds or the identity of the banking partner holding the reserves.