Collaboration announced: 24 September 2026 at LIDAC Kuala Lumpur. Coverage reviewed: 4 November 2026.
Luno Malaysia, Halogen Capital and Kenanga Investors announced a collaboration to explore UMYR, a fully reserved, ringgit-pegged stablecoin for settling tokenised money-market fund transactions. The proposed arrangement would test real-time delivery-versus-payment for subscriptions and redemptions. Fintech News Malaysia's contemporary report, 24 September.
The proposed operating model
A ring-fenced Luno group entity would issue UMYR against ringgit held onshore in a segregated bank account. Luno would handle minting and burning, institutional onboarding, wallet whitelisting and daily reserve reconciliation, with independent attestations. Halogen and Kenanga Investors would retain responsibility for their funds and investor obligations. Fintech News Malaysia's 24 September report.
The proposed test is a closed-loop institutional settlement arrangement. Retail clients would not participate. The announcement describes an exploration, rather than a launched retail stablecoin or a guarantee of regulatory approval.
Our assessment: the proposed project matters because tokenised investments need a workable settlement asset as well as a digital record of ownership. That connects the stablecoin discussion directly to institutions' operational needs.
References
- Fintech News Malaysia — UMYR collaboration and proposed structure, 24 September 2026.