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ZEC $1,261 Malaysia central bank launches DLT platform for tokenized bonds
Bank Negara Malaysia's SSDS+ records tokenized bonds and sukuk and links to RENTAS+ for settlement in central bank money.
Key takeaways
- Built in-house. BNM developed SSDS+ internally using cloud and distributed ledger technologies.
- Settlement runs 24/7. The link to RENTAS+ lets payment and settlement run around the clock in central bank money.
- No issuer named. BNM has not identified a first issuer or disclosed transaction volumes.
What happened
Bank Negara Malaysia has launched a distributed ledger platform for tokenized debt securities. The central bank said its next-generation Scripless Securities Depository System, called SSDS+, handles the issuance, depository and safekeeping of tokenized bonds, including Islamic bonds known as sukuk.
The platform records ownership and transfers of tokenized securities electronically. It connects to the RENTAS+ system, which handles the matching bond payments in central bank money. BNM said the link lets payment and settlement services run around the clock, including outside conventional banking hours.
BNM built SSDS+ internally on cloud and distributed ledger technologies, extending its existing depository system for the wholesale market. Governor Abdul Rasheed Ghaffour said the two systems together give the country a secure, faster and more flexible foundation for new securities and payment uses.
The central bank designed the platform mainly for wholesale issuance but said it is ready to support tokenized government bonds and corporate retail bonds. It did not name any securities already issued through SSDS+ or disclose transaction volumes.
Why it matters
The launch ties digital securities records to settlement in central bank money rather than private stablecoins or other digital payment tokens. That keeps the payment leg inside the central bank's own settlement system while the securities leg moves to a distributed ledger.
The platform follows a three-year asset tokenization roadmap that BNM unveiled in November 2025, covering pilots in Islamic finance, supply chain financing and programmable payments. It also follows a RM100 million tokenized sukuk pilot in April.
The settlement link builds on RENTAS+, which BNM launched in October 2025 to let financial institutions move and settle funds continuously. According to the central bank, RENTAS became the first real-time gross settlement system in ASEAN to run continuously for 24 hours.
Earlier work included a February test of ringgit stablecoins and tokenized bank deposits through the Digital Asset Innovation Hub, with participation from Standard Chartered, CIMB Group Holding, Maybank and Capital A.
What is still unclear
- BNM has not identified the first bond issuer using SSDS+, disclosed transaction volumes or announced when tokenized retail bonds will become available through the platform.
Questions readers ask
What is Malaysia's SSDS+ platform?
SSDS+ is Bank Negara Malaysia's next-generation Scripless Securities Depository System. It supports the issuance, depository and safekeeping of tokenized debt securities, including sukuk, and connects to RENTAS+ for payments in central bank money.
Does SSDS+ settle payments around the clock?
Yes. The central bank said the connection to RENTAS+ allows payment and settlement services to operate around the clock, including outside conventional banking hours.
Can retail investors use tokenized bonds on SSDS+ yet?
BNM said the platform is ready to support tokenized government bonds and corporate retail bonds. It has not announced when tokenized retail bonds will become available through the platform.
Has any bond been issued on the platform?
The central bank has not identified any securities already issued through SSDS+ and has not disclosed transaction volumes.
