Malaysia’s VCI Global to Acquire $100M Worth of OOB Tokens in Deal With Tether-Backed Oobit

Malaysia-based technology consulting firm VCI Global has announced plans to acquire $100 million worth of OOB tokens, the native asset of Tether-backed crypto payments company Oobit, in a move aimed at expanding its digital finance footprint.

According to the firm’s statement on Tuesday, VCI Global has already acquired $50 million worth of OOB tokens through a restricted share issuance to the OOB Foundation and intends to purchase another $50 million worth on the secondary market once the token goes public.

Tether Set to Become Largest Shareholder of Malaysia’s VCI Global

The company also confirmed that Tether, the world’s largest stablecoin issuer, will become its largest shareholder following the transaction.

“This is more than a digital-asset deal,” said Moshe Schisser, Chairman of Oobit. “It represents a major step toward expanding the real-world utility and growth of the Oobit ecosystem.”

Following the acquisition, VCI Global plans to set up a digital treasury division to manage its crypto holdings and incorporate the OOB token into its AI, fintech, and sovereign data platforms.

The initiative marks one of the firm’s most ambitious forays into the digital asset sector to date.

Meanwhile, Oobit is in the final stages of rebranding its token from OBT to OOB and migrating from Ethereum to Solana, with the official launch scheduled for November 12.

The token will underpin Oobit’s tap-to-pay crypto payment platform, which allows users to spend digital assets at merchant point-of-sale systems.

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Oobit’s backers include Tether, Solana co-founder Anatoly Yakovenko, CMCC Global, and 468 Capital.

VCI Global, listed on Nasdaq, recently raised $5 million in a direct offering on October 31, selling shares at $1.80 each.

However, its stock fell 26.55% on Tuesday to $1.30, marking a 65.79% decline over the past month, according to Yahoo Finance data.

Despite the slump, the company’s move signals a strong commitment to positioning itself within the fast-growing crypto payments sector.

Malaysia’s Securities Regulator Proposes Major Overhaul of Crypto Exchange Rules

As reported, Malaysia’s Securities Commission (SC) has unveiled plans to modernize its Digital Asset Exchange (DAX) regulatory framework following a surge in crypto trading volumes, which hit RM13.9 billion ($2.9 billion) in 2024, more than double the previous year.

The SC’s consultation paper, open from June 30 to August 11, 2025, outlines reforms aimed at speeding up token listings, strengthening governance, and enhancing investor protection as Malaysia’s digital asset ecosystem matures.

Under the proposed rules, eligible tokens could be listed on regulated exchanges without prior SC approval, provided they meet predefined criteria.

The move is intended to reduce regulatory bottlenecks and allow exchanges to respond faster to market demand, though it places more responsibility on operators to ensure compliance and manage risks.

The regulator also plans to impose stricter governance standards, including segregation of client assets, improved risk management, and higher financial thresholds for DAX operators to bolster resilience and investor confidence.

The reforms form part of Malaysia’s broader fintech and crypto modernization push, which includes Bank Negara Malaysia’s exploration of asset tokenization and CBDC pilots.

However, regulators continue to stress caution, maintaining that cryptocurrencies are not legal tender and ramping up enforcement against unlicensed exchanges such as Bybit and Huobi.