Kenanga Investment Bank Berhad (“Kenanga Group”), Malaysia’s leading independent investment bank, and the Stellar Development Foundation (“Stellar”), a US-based non-profit organization that supports the Stellar network, today introduced Myrra, a dedicated token platform that leverages the Stellar blockchain to enable the tokenization of real-world assets.
The inaugural deployment on the Myrra platform is the tokenization of the Kenanga Money Market Fund (“KMMF”) and the Kenanga Islamic Money Market Fund (“KIMMF”) (collectively, the “Funds”) managed by Kenanga Investors Berhad (“Kenanga Investors”). The Funds represent the first tokenized unit trust funds to go live within the Malaysian market.
Through this initiative, investors can now transact blockchain-based digital representations of the Funds’ units through Myrra. Tokens are issued on a 1:1 basis, with each token representing a unit of either fund. This ensures the digital tokens function exactly like traditional fund units, while prioritizing regulatory compliance, legal parity with existing unit holders, and operational integrity.
By tokenizing 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.
“The launch of Malaysia’s first tokenized 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.”
Operating for more than a decade, Stellar is one of the earliest blockchains designed specifically to support payments, asset issuance, and financial products in a compliance-forward and transparent manner. It hosts Franklin Templeton’s Benji token, a tokenized U.S. Treasury money market fund primarily used by institutional users for on-chain settlement and peer-to-peer transfers. Stellar also powers MoneyGram’s large-scale cash-to-crypto on/off-ramp across 170 countries using USDC and supports the United Nations High Commissioner for Refugees (“UNHCR”) in distributing USDC-based aid that refugees can redeem even without bank accounts.
“Tokenization 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.”
The KMMF aims to provide investors with a regular income stream while maintaining capital stability by investing entirely in money market instruments, debentures, and deposits. Meanwhile, the KIMMF offers similar benefits aligned with Shariah principles. Both Funds cater to investors who want stable, short-term returns with minimal volatility.
