Bank Negara Malaysia launches live tokenised bond and sukuk depository platform

Bank Negara Malaysia (BNM) has brought SSDS+ into operation, an in-house issuance, depository, and safekeeping platform designed to handle tokenised bonds and sukuk. The system extends the existing Scripless Securities Depository System (SSDS) and is built to serve both tokenised government bonds and corporate retail bonds.

The launch follows a public hint from BNM the previous year, when it described its intent to develop a common programmable platform as part of its broader tokenisation roadmap. The move from stated ambition to live infrastructure within that timeframe is notable for a central bank building in-house rather than procuring from a third-party vendor.

What differentiates the Malaysian setup from many peer jurisdictions is settlement infrastructure that can keep pace with distributed ledger operating hours. RENTAS+, the country’s cloud-based real-time gross settlement (RTGS) system, began running around the clock last year, and its integration with SSDS+ means tokenised securities can now settle in central bank money on a 24/7 basis. For operators evaluating where to issue or hold tokenised fixed income, that combination of native custody and continuous central-bank-money settlement is a material operational advantage.