AirAsia and Standard Chartered Malaysia have signed an agreement to explore and develop their own stablecoin backed by the ringgit currency.
The decision comes after the Regent Sultan of Johor, Tunku Mahkota Ismail, launched the country’s first stablecoin, RMJDT, last week.
AirAsia Chief Executive Officer (CEO) Tony Fernandes and Standard Chartered Bank Malaysia Bhd have signed a collaboration to develop and test the stablecoin through a digital asset innovation hub supervised by Bank Negara Malaysia.
Fernandes also described the agreement as a milestone in the airline’s transformation from an airline to a trusted technology ecosystem.
In the collaboration, Standard Chartered Malaysia will play the role of the issuer of the stablecoin, while Airlines has the potential to be a key enabler in wholesale adoption and real-world applications.
Meanwhile, the agreement also marks Capital A’s first involvement in the regulated digital asset space.
Capital A is currently in the process of selling AirAsia to AirAsia X Bhd, thus changing its role as a non-aviation holding company following the ongoing restructuring.
