Malaysia, Thailand Join Singapore’s BLOOM Payments Initiative
The central banks of Malaysia and Thailand joined Singapore’s BLOOM initiative on Friday as policymaker members, expanding work on stablecoins and tokenized deposits.
Bank Negara Malaysia and the Bank of Thailand joined Singapore’s BLOOM initiative on Friday as policymaker members. The initiative covers stablecoins and tokenized deposits for cross-border payments.
BLOOM stands for Borderless, Liquid, Open, Online and Multi-currency. The public-private initiative aims to help financial institutions reduce payment costs and bring cross-border services to market faster by reducing the need to establish separate arrangements with each counterparty or market.
The Monetary Authority of Singapore said BLOOM will support stablecoins and tokenized deposits in cross-border payments. Its work also covers corporate cash management, trade finance and payments made by artificial-intelligence agents within predefined limits.
MAS launched BLOOM in October 2025, building on Project Orchid, which began in 2021 to study potential uses for a digital Singapore dollar. Participants include Airwallex, Mastercard, Ripple, Visa and the World Bank Group.
Bank Negara Malaysia announced separately in February that three initiatives were planned to test ringgit-denominated stablecoins and tokenized deposits for domestic and cross-border wholesale payments in 2026.
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