The transaction demonstrates the technical feasibility of on-chain workflows and highlights its potential for incorporation into corporate treasury workflows to enhance operational efficiency and settlement speed.
Maybank announced that it had successfully completed the first transaction under its inaugural pilot project for tokenised deposits and cross-border payments with Yinson Holdings Berhad, the global energy infrastructure company, on March 25. This marks a significant milestone in the bank’s digital innovation journey and advances its mission of Humanising Financial Services, part of its ROAR30 five-year strategy.
The project integrates tokenisation of bank deposits with an on-chain foreign exchange (FX) conversion of Ringgit to Singapore Dollars, and a subsequent cross-border payment from Malaysia to Singapore, in near real-time, utilising Maybank’s permissioned blockchain.
