API-powered solutions for secure, compliant digital asset custody for institutions
Back in 2015, Suhanna Husein was a technologist building a blockchain prototype at Petronas, when the term “crypto” translated to risky coins and internet speculation. Today, she leads CoKeeps, the first company licensed by the Securities Commission in Malaysia that is focused on keeping digital assets safe, just like a bank keeps your money safe.
What was once experimental is now being built, well, at least a pilot version.
While working in technology at Petronas from 2012 to 2019, Suhanna first explored how blockchain could improve data and systems such as supply chain management and tracking. “At that time, it was thought that blockchain technology could address the weaknesses in supply chain management,” she said.
“In 2017 bitcoin (and) ICOs were booming. (Then) come 2019/2020, we knew that the guidelines for digital assets were going to be issued (by the Securities Commission of Malaysia)”.
This led her and her CTO, Mohd Azri Mohd Fadzil,to launch CoKeeps in 2021 with US$7,085 (RM30,000) and a clear goal: to build secure, regulatory-compliant technology that helps governments, businesses, and investors handle digital assets safely and with peace of mind. Prior to this, Azri worked for Singapore Precious Metals Exchange (SGPMX) as CTO from 2017. The exchange was founded by a Malaysian.
Digital assets encompass more than just Bitcoin or NFTs (Non-fungible tokens). They refer to anything of value that exists online such as digital currencies, virtual property, or tokens that represent real-world assets (RWA’s) like real estate or shares.
But here’s the problem: Where do you safely store these things? And who keeps track of who owns what?
That’s where a Digital Asset Custodian (DAC) comes into play. Just like how a bank vault protects your physical valuables, a DAC protects digital ones. They use encryption, security protocols, and regulated processes to effectively store and manage digital assets safely. This is especially important for institutions like banks or investment firms.
This is also why, anyone aiming to operate as a DAC needs a world class tech leader on the team and this is where Suhanna’s co-founder and CTO plays a key role. “I leave all the tech to him,” she says.
In 2023, CoKeeps became the first company in Malaysia to receive a license from the Securities Commission (SC) to operate as a Digital Asset Custodian, a process that took three years. Not surprisingly, Suhanna described it as “quite frustrating”.
The irony wasn’t lost on her. The push to launch a DAC stemmed from her impatience with “corporate bureaucracy” which frequently got in the way of getting things done, coupled with her desire to “want for something more”.
Cokeeps was bootstrapped by its founders without any public venture capital funding or private equity backing. “With just RM30,000 funding, Azri and myself quit our jobs to start this venture, building and testing products while applying for the approval from the SC,” she said.
Since 2021, they have focused on their core products like the MPC hot/cold wallet wallet system before obtaining any external funding. This allowed them to retain control while focusing resources towards compliance and technical robustness.
Digital assets enter the regulated financial system in Malaysia – slowly
Under the DAC framework, CoKeeps adheres to stringent Securities Commission regulations, including asset segregation, key management, AML/CTF compliance, and strict governance standards. Rather than constraining innovation, Suhanna optimistically views this regulatory oversight as a ‘launchpad’ fostering greater institutional trust.
The DAC license issued by the SC was the first major hurdle that Suhanna cleared in November 2023. The next crucial step was finding a customer in the traditional finance realm willing to step outside of their comfort zone and create a digital asset that would be one of the first in the country. It took her 18 months, and in May 2025, CoKeeps signed a Memorandum of Understanding (MoU) with Maybank Trustees Bhd, a wholly owned subsidiary of the country’s largest bank, Malayan Banking Bhd (Maybank).
Maybank Trustees already helps individuals and businesses manage wills, estates, and investment funds. Now they’re gingerly stepping into the digital future by working with CoKeeps to harbour clients’ digital assets.
Nor Fazlina Mohd Ghouse, CEO of Maybank Trustees, said they considered this partnership a proactive step to address the recent shift in investment and wealth management strategies. Suhanna agreed, adding that “fund managers and various financial institutions are incorporating the digital asset class to broaden their offerings”.
Over the coming year, CoKeeps and Maybank Trustees aim to roll out tailored custodial frameworks and pilot tokenised sukuk and Shariah-compliant financial products. Crucially, this collaboration is set as a proof-of-concept, demonstrating how digital asset technology can blend seamlessly with existing financial systems. Maybank’s confidence, Suhanna notes, was driven by CoKeeps’ regulatory approval by the Securities Commission, SOC2 certification, and shared emphasis on compliance, governance, and risk management.
This partnership is but a single step in what is likely to be a long journey ahead to prove that digital assets are no longer just for tech geeks or crypto traders. They’re becoming part of the real financial system, widespread to all, and governments and institutions in the region are already laying the groundwork.
Countries such as Singapore and Hong Kong have begun regulating how digital assets are traded and stored. The Monetary Authority Singapore regulates digital token services under the Payment Services Act (PSA) 2019, and Hong Kong did it through the Securities and Futures Commission (SFC), which regulates virtual asset trading platforms (VATPs) under the Securities and Futures Ordinance (SFO) 2003 and the Anti-Money Laundering Ordinance (AMLO). In Singapore, banks and licensed companies can offer digital custody services. The government has even launched pilot projects with global banks to test digital versions of RWA’s.
The European Union has done something similar with a law passed in 2023 called MiCA, to ensure all digital asset service providers are regulated across Europe, and includes a section covering the custody of reserve digital assets.
What exactly makes CoKeeps tick?
“We’re blockchain-agnostic” – The phrase Suhanna used when describing their technology, simply means CoKeeps can securely handle multiple blockchain networks; Ethereum, Solana, Polygon, and more, without limiting clients to any single technology. They emphasise three key core pillars: Scalability, Security and Interoperability.
While the company offers many services, highlighting four of them based on its website and technical documentation reveal the following;
Flexible Wallets: The platform offers ‘cold’ wallets (offline storage), controlled ‘hot’ wallets (online, limited exposure), and Wallet-as-a-Service (WaaS), enabling institutions to embed secure custody directly into their existing apps through APIs.
Institutional Custody Engine: At the heart of CoKeeps is its custody engine, powered by m-of-n multi-signature wallets. Control is divided among distinct signatories; no single individual holds sufficient keys to move funds alone. Think of cooks preparing a dish where each cook is a master in a particular aspect of the dish. Only when the cooks combine their ingredients does the authentic dish emerge, after which the cooks return to their own kitchens. Likewise, CoKeeps’ policy engine brings key fragments together just long enough to approve a transaction, then disperses them, ensuring no one party ever has complete control.
Smart-Contract & Tokenisation: According to CoKeeps, they facilitate issuing tokenised bonds and sukuk via pre-audited ERC-20 and SPL contracts. This simplifies turning real-world assets into tradable digital tokens. Issuers mint, bridge, and manage digital securities without writing blockchain code
Staking: Additionally, CoKeeps offers regulated staking services, allowing institutions to securely earn yields on idle assets like ETH or SOL from their custodial wallets. According to CoKeeps, staking operations occur through carefully vetted validator partners, ensuring compliance, transparency, and security. Rewards are automatically credited back to the original wallet.
Building and planning the “plumbing” for a digital economy
Suhanna believes that CoKeeps is helping develop the ‘plumbing’ of the digital economy: building secure systems, helping banks and companies work with digital assets, and making sure everything complies with the law.
Being cutting-edge technologies, the regulation involved is continually being refined. As an example, Suhanna pointed to the recent efforts by the SC to seek feedback on the framework for tokenised capital market products.
This would enable digital versions of assets, including shares, gold, or real estate, that could one day be traded as easily as cryptocurrencies. Suhanna sees a key benefit of tokenizing assets is the possibility of fractionalisation, which lowers the entry barrier to certain types of asset classes such as bonds, while enhancing liquidity through secondary markets.
“Right now not many people can afford to buy bonds because the minimum ticket size is about RM200,000,” she observed. “If I fractionalize it, I can bring it down to RM100.”
Malaysia has taken a more cautious stance by prioritising regulatory clarity over market innovation and ensuring investor protection by only licensing a handful of entities to exchange digital assets while the lay of the land establishes. Regardless, things are beginning to change. With CoKeeps now licensed to be a DAC and working with regulators, the country’s financial sector is edging closer to introducing digital assets to their clients.
Ultimately, the goal is to use blockchain to improve efficiency by automating manual processes through mechanisms such as smart contracts, using Malaysia as the proving ground. “Malaysia’s commitment to digital transformation provides fertile ground for innovation,” said Suhanna. “We’re excited to support the country’s journey toward becoming a digitally resilient nation.”
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