No scissors needed: Malaysia launches distributed rails for tokenized bonds

Bank Negara Malaysia (BNM) has launched a distributed ledger-based platform for issuing and holding tokenized bonds, connecting digital securities records with a payment system designed to operate around the clock.

The next-generation Scripless Securities Depository System (SSDS+) supports the issuance, depository and safekeeping of tokenized debt securities, including Islamic bonds known as sukuk. SSDS+ tracks ownership and transfers of tokenized securities and connects with the Real Time Electronic Transfer of Funds and Securities (RENTAS+) system, which handles corresponding bond payments in central bank money.

Although designed for wholesale issuance, BNM said SSDS+ is ready to support tokenized government bonds and corporate retail bonds. The announcement did not identify any securities already issued through the platform or disclose transaction volumes.

The rollout follows BNM’s three-year asset tokenization roadmap unveiled in November 2025, which outlined plans for pilot projects involving Islamic finance, supply chain financing and programmable payments. In February, BNM tested ringgit stablecoins and tokenized bank deposits through its Digital Asset Innovation Hub, with participation from Standard Chartered, CIMB Group Holding, Maybank and investment holding company Capital A.

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