Bank Negara Malaysia has launched SSDS+, a distributed ledger-based securities platform designed to support the issuance, depository and safekeeping of tokenized bonds and Islamic sukuk. Announced on October 20, the new system connects digital ownership records to RENTAS+, allowing round-the-clock payment settlement in central bank money.
The central bank said SSDS+ was developed internally using cloud and distributed ledger technologies to modernize Malaysia’s bond market infrastructure. It builds on the existing Scripless Securities Depository System, which serves the country’s wholesale financial market. Under the new arrangement, SSDS+ maintains securities records while RENTAS+ handles corresponding payments for bond purchases. This separation enables payment and settlement services to operate outside conventional banking hours.
Unlike arrangements that rely on private stablecoins or other digital payment tokens, the announced settlement process uses central bank money. BNM said the infrastructure is primarily intended for wholesale markets but is ready to support tokenized government securities and corporate retail bonds. However, the central bank has not identified the first issuer using SSDS+, disclosed transaction volumes or announced when tokenized retail bonds will become available.
BNM Governor Abdul Rasheed Ghaffour described the launch as an important development for Malaysia’s financial infrastructure, saying that SSDS+ and RENTAS+ together provide a secure, faster and more digitally-enabled foundation for new securities and payments use cases.
The launch follows Malaysia’s RM100 million tokenized sukuk pilot in April, confirmed by the Securities Commission Malaysia and executed by sovereign wealth fund Khazanah Nasional. BNM has also been testing ringgit-denominated stablecoins and tokenized deposits through its Digital Asset Innovation Hub, with further regulatory clarity expected by the end of 2026.
