The operator of AirAsia and the Malaysian unit of Standard Chartered have inked a deal to explore a ringgit-backed stablecoin in the Southeast Asian country, days after a Malaysian royal announced the launch of a similar token.

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 on Friday.

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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.