Bank Negara Malaysia (BNM) has launched SSDS+, a platform for the issuance, depository, and safekeeping of tokenised bonds and sukuk. It is integrated with RENTAS+, which the bank says enables secure payment and settlement services around the clock.
BNM developed SSDS+ in house using cloud and distributed ledger technologies. It builds on the existing Scripless Securities Depository System (SSDS), the central securities depository for the wholesale financial market.
The platform is not limited to wholesale issuance. BNM says SSDS+ is ready to support the issuance of tokenised government and corporate retail bonds.
The two systems divide the work. SSDS+ manages tokenised securities transfer and ownership records of digital securities. RENTAS+ facilitates the corresponding secure transfer of payments for bond purchases in central bank money.
BNM says that by representing securities digitally, SSDS+ can simplify transactions, enable greater flexibility in the design of financial instruments and broaden access to investment opportunities.
Bank Negara Malaysia Governor Dato’ Sri Abdul Rasheed Ghaffour says: “Together, SSDS+ and RENTAS+ provide a secure, faster, more flexible and digitally-enabled foundation for new use cases in securities and payments. These platforms will support innovation and contribute to more efficient and responsive financial markets.”
BNM named no issuer and no participating institutions. It gives no issuance date for any tokenised bond or sukuk, and no volumes, fees or timetable for the retail bonds the platform is ready to support.
Herald View
BNM has built the depository itself and tied it to settlement in central bank money. Missing is a name. There is no issuer, no deal size and no date. The test for SSDS+ is simple: will a government or corporate retail bond actually reach it? Until one does, the retail offer exists on paper only.
.jpg){kind=link}