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Malaysian investment firm Halogen Capital raises $3.2m funding
Halogen Capital, a licensed digital asset fund manager based in Malaysia, has raised 13.3 million ringgit (US$3.2 million) in a funding round led by Kenanga Investment Bank, with participation from 500 Global.
Kenanga, through its private equity arm, now holds a 14.9% stake in Halogen Capital, making it the largest institutional shareholder.
Other participants in the round include 500 Global, Digital Currency Group, The Hive Southeast Asia, Jelawang Capital, and Mythos Venture Partners.
The company said the funds will be used to expand its tokenization of real-world assets such as unit trust funds, bonds, sukuk, private credit, and real estate.
Halogen Capital reported around 400 million ringgit (US$97.81 million) in assets under management as of November 2025.
The firm launched in 2023 and manages eight wholesale funds and private mandates for a range of investors, including high-net-worth individuals, corporates, and institutions.
🔗 Source: Halogen Capital
🧠 Food for thought
Implications, context, and why it matters.
- Halogen Capital holds a Capital Markets Services License from Securities Commission Malaysia (SC) for fund management, covering wholesale funds plus digital asset portfolios. The license does not clearly extend to tokenization of Real-World Assets (RWA) like bonds, sukuk (Islamic-compliant bonds), or real estate as rules are still in draft. BNM plans controlled pilots through the Digital Asset Innovation Hub (a supervised testbed for digital asset experiments) before any broad rollout.
- Current operations center on digital asset funds with the Halogen Shariah-compliant (Islamic finance) Bitcoin Fund plus the Halogen Shariah-compliant Ethereum Fund that invest in cryptocurrencies on SC-registered exchanges (regulated digital asset exchanges recognized by the SC). Moving into RWA tokenization would need fresh approvals or entry into Bank Negara Malaysia (BNM, Malaysia’s central bank) pilots that start in 2026.
- Bank Negara Malaysia’s three-year roadmap schedules proofs of concept in 2026 with wider trials in 2027. That path will lift demand for Know Your Customer/Anti-Money Laundering (KYC/AML) tools, custody solutions (secure storage for digital assets), plus tokenization infrastructure (software to issue plus manage tokenized securities). A ringgit-backed stablecoin pilot by Standard Chartered Malaysia and Capital A (the parent company of AirAsia) signals early interest.
- Vendors should build ties with members of BNM’s Asset Tokenisation Industry Working Group (a multi-stakeholder forum established in May 2025). Investors can track which licensed banks or asset managers launch pilots or PoCs starting in 2026 after BNM’s 1 March 2026 feedback deadline. BNM wants regulated and accountable entities in the lead, not unregulated third parties.
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