PETALING JAYA: DRB-Hicom Bhd has signed a memorandum of collaboration (MoC) with Geno Group Ltd and its Malaysia subsidiary, Geno Edge (Malaysia) Sdn Bhd to accelerate enterprise blockchain adoption across DRB-HICOM’s businesses.
In a joint statement, the parties said the MoC is also for the joint exploration and potential launch of a Malaysian Ringgit-backed stablecoin, as well as related use-cases subject to applicable laws and regulatory approvals.
“The collaboration establishes a strategic framework for the phased adoption of Geno’s blockchain solutions (including the GenoChain consortium permissioned blockchain, tokenomics and smart contracts design, as well as enterprise integration capabilities) across the DRB-HICOM Group’s businesses in mobility, automotive manufacturing and servicing, financing, logistics, banking, and other industrial sectors.”
In parallel, the parties will develop the infrastructure for a Malaysian ringgit-backed stablecoin to be issued and operated on a permissioned blockchain framework, designed initially for application within the DRB-HICOM ecosystem and, where appropriate, selected external participants.
“The initiative will address operational needs such as programmable business-to-business settlement and scalable digital settlement that may integrate with existing regulated banking rails and Malaysia’s financial market infrastructure.
“As part of this exploration, the parties will evaluate tokenised deposit use-cases issued by licensed banking institutions and potential interbank settlement models, in compliance with applicable legal and regulatory requirements.”
The parties said the initiative aligns with Malaysia’s evolving digital asset framework, including Bank Negara Malaysia’s Digital Asset Innovation Hub, which seeks to foster industry collaboration on programmable payments, tokenised deposits and other digital settlement innovations.
They added that a joint steering committee comprising representatives from both organisations will oversee strategic direction and regulatory coordination to ensure disciplined execution and long-term scalability.
“This MoC sets a strong foundation to deploy enterprise blockchain and to pioneer an industrial-scale ringgit stablecoin anchored in the real-economy.
“Together, DRB-HICOM and Geno will build solutions that are secure, scalable, and designed to deliver operational success for Malaysia’s financial and industrial transformation.”
