{
  "id": 9555395,
  "title": "Luno joins Halogen, Kenanga to explore ringgit-pegged stablecoin for fund settlement",
  "url": "https://urgent.news/2026/09/24/luno-joins-halogen-kenanga-to-explore-ringgit-pegged-stablecoin-for",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-09-24T11:53:00.000Z",
  "source": {
    "name": "Free Malaysia Today",
    "slug": "free-malaysia-today-freemalays",
    "url": "https://www.freemalaysiatoday.com/category/business/2026/09/24/luno-joins-halogen-kenanga-to-explore-ringgit-pegged-stablecoin-for-fund-settlement"
  },
  "original_language": "en",
  "account": "Malaysia's cryptocurrency platform, Luno, is joining forces with Halogen Capital and Kenanga Investors to explore the use of a ringgit-pegged stablecoin known as UMYR. This collaboration aims to settle transactions on the blockchain using tokenized money market funds. The primary goal of this partnership is to demonstrate real-time delivery-versus-payment (DvP) settlement for fund subscriptions and redemptions, which could significantly reduce the traditional settlement timeframes and boost capital efficiency for institutional investors.\n\nScarlett Chai, Luno's country manager, highlighted the importance of infrastructure like UMYR as Malaysia's digital asset ecosystem transitions from its foundational stage to that of a fully-fledged platform. Chai mentioned that by offering a 1:1 ringgit-backed, fully segregated settlement instrument, Luno is showcasing how on-chain liquidity and real-time DvP settlement can function smoothly and responsibly within Malaysia's existing regulatory framework, alongside licensed industry leaders.\n\nHann Liew, Halogen Capital's founder and CEO, emphasized that settlement remains a crucial next step for fund tokenization in the domestic market. Liew stated that testing UMYR as a dedicated settlement instrument aligns perfectly with Halogen Capital's vision for modern fund management.\n\nKenanga Investors Bhd's CEO, Ismitz Matthew De Alwis, noted that the project complements the company's existing fund tokenization initiatives. De Alwis believes that the initiative, coupled with next-generation settlement infrastructure, will bring the industry closer to unlocking the full potential of tokenization.\n\nLuno CEO James Lanigan pointed out that while more investments worldwide are moving onto the blockchain, digital payment systems in local currencies, such as the ringgit, are still lacking. Lanigan highlighted that non-US dollar stablecoins present a significant growth opportunity. Despite real-world trading occurring in various currencies, nearly all digital cash on the blockchain currently relies on US dollars.\n\nIt is important to note that the digital ringgit (UMYR) test will be conducted as a private, closed system exclusively for pre-approved companies, and retail investors will not have access to this digital currency. The UMYR will be issued by a dedicated firm under Luno, and it will be backed one-for-one by actual ringgit held in separate, protected bank accounts in Malaysia.",
  "summary": "The three companies will test on-chain real-time settlement for tokenised money market funds using ringgit-pegged stablecoin.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 2,
    "also_reported_by": [
      {
        "outlet": "Free Malaysia Today",
        "title": "Luno joins Halogen, Kenanga to explore ringgit-pegged stablecoin for fund settlement",
        "url": "https://urgent.news/2026/09/24/luno-joins-halogen-kenanga-to-explore-ringgit-pegged-stablecoin-for-9556509",
        "published": "2026-09-24T11:53:00.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}