Malaysia and Thailand Central Banks Join Singapore's BLOOM

A Major Step for Cross-Border Digital Money

Cross-border payments in Southeast Asia are getting a major technical upgrade. Bank Negara Malaysia and the Bank of Thailand have officially joined BLOOM as policymaker members.

BLOOM is a collaborative initiative launched by the Monetary Authority of Singapore in October 2025. It brings together central banks, commercial lenders, and technology companies.

The main objective of the group is to establish common standards for how digital money, such as stablecoins and tokenized deposits, can move across borders.

Expanding the Member Roster

The initiative is expanding rapidly. Along with the two central banks, nine major industry partners recently joined the project.

New additions include global payment leaders Visa and Mastercard, blockchain provider RippleXRP+1.31%, and the World Bank Group.

These additions bring the total roster to 24 organizations. Existing members include Circle, Coinbase, DBS, J.P. Morgan, and Standard Chartered.

Real-World Financial Pilot Tests

Participants in BLOOM are already running practical trials using digital currencies and payment networks.

For example, Ripple is testing its RLUSD stablecoin for trade finance payments alongside fintech company Unloq.

Mastercard is also participating by settling merchant transactions using stablecoins like RLUSD and USDCUSDC+0.03%.

Meanwhile, the World Bank Group offers perspective on how developing economies can benefit from modern cross-border payment infrastructure.

Regional Banking Connections

Each central bank in the initiative collaborates alongside major commercial lenders from its home market.

Malaysia's Maybank joined the initiative on Friday. Maybank is already leading pilots testing ringgit stablecoins and tokenized deposits for wholesale payments.

Bank Negara Malaysia stated that it expects to issue clear regulatory guidance on tokenized assets and stablecoins by the end of 2026.

In Thailand, Kasikornbank was already an active member of BLOOM prior to the Bank of Thailand signing on.

Three Pillars of the Project

Currently, moving money across borders requires institutions to create separate bilateral agreements. BLOOM aims to streamline this process by addressing three core technical areas:

• Acceptance and settlement across different legal jurisdictions.
• Interoperability between distinct blockchain networks and legacy banking systems.
• Programmable controls, including automated identity verification, sanctions screening, and spending limits.

By establishing shared technical frameworks, central banks hope to lower transaction costs and reduce technical friction for international payments.

Perspectives from Central Bankers

Officials from the participating central banks shared their viewpoints on the initiative's potential and governance.

"A future where frictionless cross-border payments can be made using multiple digital monies is now closer to a tangible reality than a far-fetched fantasy," stated BNM Deputy Governor Aznan bin Abdul Aziz.

The Bank of Thailand highlighted a cautious, risk-managed approach to exploring these new payment technologies.

"The initiative also allows us to carefully explore emerging innovations, while ensuring our oversight remains prudent, proportionate, and responsive to evolving risks," stated BOT Deputy Governor Dr. Daranee Saeju.