Kenanga Investment Bank Berhad (Kenanga Group), one of Malaysia’s top independent investment banks, and the Stellar Development Foundation, a US-based non-profit that supports the Stellar blockchain network, have launched Myrra.
Myrra is a special platform that uses the Stellar blockchain to turn real-world assets into digital tokens.
The first project on the Myrra platform is the tokenisation of the Kenanga Money Market Fund (KMMF) and the Kenanga Islamic Money Market Fund (KIMMF). Both funds are managed by Kenanga Investors Berhad. These are the first unit trust funds in Malaysia to be offered in tokenised form.
With this move, investors can buy and sell digital versions of the funds through Myrra. Each digital token is backed 1:1, meaning one token represents one unit of the fund. This makes the digital tokens work the same way as regular fund units, while still following all regulations and protecting investors’ rights.
“The launch of Malaysia’s first tokenised money market funds on the new Myrra platform represents a major step forward in our Group-wide commitment to driving digital innovation across the Malaysian capital markets,” said Datuk Chay Wai Leong, Group Managing Director of Kenanga Group. “By deploying on the Stellar network, we are able to contribute to the development of a digital public infrastructure that aligns with Malaysia’s vision of becoming a regional centre for blockchain-enabled finance.”
“The implementation of tokenisation is a strategic initiative to evolve our existing distribution and operational processes and capabilities through the operational efficiencies offered by Distributed Ledge Technology,” said Datuk Wira Ismitz Matthew De Alwis, Chief Executive Officer and Executive Director of Kenanga Investors. “We believe this will work towards driving investor participation without compromising regulatory standards and transparency.”
“Tokenisation drives real-world utility and access when it is built on infrastructure that institutions and regulators trust,” said Jose Fernandez da Ponte, President and Chief Growth Officer at the Stellar Development Foundation. “Stellar was designed from the outset to support regulated financial products, increase access and provide the rails for enterprise-grade assets to move securely. This deployment by Kenanga Group is a prime example of how digital public infrastructure is scaling on Stellar making financial services more accessible, efficient, and inclusive for everyone across the globe.”
Established more than 50 years ago, Kenanga Investment Bank Berhad (Kenanga Group) is one of Malaysia’s leading financial groups. It offers many services such as stockbroking, investment banking, treasury services, Islamic banking, derivatives trading, investment and wealth management, structured lending, and trade financing.
The Group has also focused on digital innovation. It launched KDi GO, a wealth management app, and Kenanga Digital Investing, an AI-powered robo-advisor. It also introduced Rakuten Trade, Malaysia’s first fully digital stockbroking platform, created through a joint venture with Japan’s Rakuten Securities, Inc.
In addition, Kenanga has expanded into digital assets by investing in Kinetic DAX Sdn Bhd (previously known as Tokenize Technology (M) Sdn Bhd).
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