The launch of the tokenised fund by Kenanga Group expands Malaysian retail investor participation through blockchain technology.
Investment bank Kenanga Group and the Stellar Development Foundation have launched Myrra, a dedicated token platform that leverages the Stellar blockchain to tokenise real-world assets (RWA). The platform will also launch tokenised versions of the Kenanga Money Market Fund (KMMF) and the Kenanga Islamic Money Market Fund (KIMMF), representing the first tokenised unit trust funds to go live inthe Malaysian market.
Tokens are issued on a 1:1 basis, with each token representing a unit of either fund. This allows investors to transact blockchain-based digital representations of the Funds’ units through Myrra, opening these products directly to a broader segment of Malaysian investors.
“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.
“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 Ledger Technology,” added Datuk Wira Ismitz Matthew De Alwis, Chief Executive Officer and Executive Director of Kenanga Investors.
Jose Fernandez da Ponte, President and Chief Growth Officer at the Stellar Development Foundation, commented: “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.”
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