Tony Fernandes’s Capital A and Standard Chartered Bank Malaysia Bhd signed a letter of intent to develop and test the stablecoin through a digital-asset innovation hub overseen by Bank Negara Malaysia, according to a statement today.

“Standard Chartered Malaysia would serve as the issuer of the stablecoin, with Capital A potentially piloting real-world wholesale use cases,” the statement said.

It marks Capital A’s first foray into regulated digital assets.

The agreement “marks a significant milestone in our transformation from an aviation-centric group into a trusted, technology-led ecosystem,” Fernandes said in the statement.

Capital A is currently disposing its AirAsia aviation business to sister company AirAsia X Bhd, and will become a non-aviation holding company following the restructuring exercise.