Malaysia’s Kenanga Investment Bank has introduced two tokenised money market funds on a dedicated token platform launched in partnership with US non-profit Stellar Development Foundation.
The platform, called Myrra, is based on the Stellar blockchain network developed by the non-profit, and enables tokenisation of real world assets.
The Kenanga Money Market Fund and the Kenanga Islamic Money Market Fund which made their debut on the platform are Malaysia’s first tokenised unit trust funds, Kenanga Investment Bank says in a statement on February 26. They are managed by Kenanga Investors Group, a unit of the bank.
“By tokenising its Malaysian ringgit money market funds using trusted Stellar blockchain infrastructure, Kenanga Group is bringing its money market products directly to a broader segment of Malaysian investors, enabling the purchase or selling of tokens directly on Myrra’s web portal,” according to the investment bank.
Chay Wai Leong, group managing director of the bank, describes the launch as “a major step forward in our group-wide commitment to driving digital innovation across the Malaysian capital market”.
