Bank Negara Malaysia launched its Scripless Securities Depository System (SSDS+) on October 20, 2026, using cloud and distributed ledger technology to support tokenized bonds and Islamic sukuk. SSDS+ integrates directly with the RENTAS+ real-time gross settlement system to enable continuous 24/7 payment settlement in central bank money. The rollout follows a three-year tokenization roadmap, a RM100 million sukuk pilot by Khazanah Nasional, and stablecoin tests with major banks.
Launch and scope of SSDS+
- ▪Bank Negara Malaysia launched the Scripless Securities Depository System (SSDS+) on October 20, 2026, using cloud and distributed ledger technologies to support the issuance, depository, and safekeeping of tokenized bonds and Islamic sukuk
- ▪Bank Negara Malaysia did not identify a first bond issuer using SSDS+, disclose transaction volumes, or state a launch date for tokenized retail bonds in its October 20, 2026 SSDS+ launch announcement
- ▪Bank Negara Malaysia Governor Abdul Rasheed Ghaffour described Malaysia's SSDS+ and RENTAS+ systems as providing a secure, faster, and more flexible foundation for new use cases in securities and payments
- ▪Bank Negara Malaysia developed the Scripless Securities Depository System (SSDS+) internally on its existing wholesale depository infrastructure, designing it to support wholesale markets, tokenized government securities, and corporate retail bonds
RENTAS+ payment and settlement infrastructure
- ▪Bank Negara Malaysia launched the upgraded Real Time Electronic Transfer of Funds and Securities system, RENTAS+, in October 2025, making it the first real-time gross settlement system in ASEAN to operate continuously 24 hours a day
- ▪Bank Negara Malaysia introduced an automatic liquidity facility alongside Malaysia's RENTAS+ system to allow participating institutions to access liquidity through repurchase agreements and sell-and-buy-back arrangements outside conventional banking hours
- ▪The Scripless Securities Depository System (SSDS+) connects to Bank Negara Malaysia's RENTAS+ system to settle tokenized securities payments around the clock in central bank money rather than private stablecoins
Asset tokenization paper and roadmap
- ▪Bank Negara Malaysia published an asset tokenization discussion paper in October 2025 seeking industry feedback on tokenized financial services, applications, regulatory considerations, and pilot programs
- ▪Bank Negara Malaysia unveiled a three-year asset tokenization roadmap in November 2025 outlining pilot projects for Islamic finance, supply chain financing, and programmable payments
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