Kenanga Investment Bank Bhd (Kenanga IB) and Stellar Development Foundation, a nonprofit organization based in the US, have jointly launched Myrra. This platform is specifically designed for tokens and utilizes the Stellar blockchain to facilitate the tokenization of tangible assets.
The initial launch on the Myrra platform involves the tokenization of the Kenanga Money Market Fund (KMMF) and the Kenanga Islamic Money Market Fund (KIMMF) managed by Kenanga Investors Bhd.
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These are the first unit trust funds in Malaysia to be tokenized and made available to investors. Investors are able to conduct transactions involving blockchain-based digital representations of the units of the funds using Myrra.
Tokens are distributed in a 1:1 ratio, where each token corresponds to one unit of the fund. This guarantees that the digital tokens operate similarly to conventional fund units, with an emphasis on adhering to regulations, maintaining legal equivalence with current unit holders, and upholding operational reliability.
According to Kenanga Investment Bank, Stellar is one of the pioneering blockchains created with a focus on facilitating payments, issuance of assets, and financial instruments in a transparent and compliance-driven manner.
“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.
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“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.”
Franklin Templeton is the host of the Benji token, a tokenized US Treasury money market fund that caters predominantly to institutional clients for on-chain transactions and peer-to-peer transfers.
Stellar contributes to the operation of MoneyGram's extensive cash-to-crypto exchange network spanning 170 countries, facilitating the use of USDC. Furthermore, it aids the United Nations High Commissioner for Refugees (UNHCR) in disbursing USDC-based assistance to refugees, even those without traditional banking services.
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“Tokenisation 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.