Bank Negara Malaysia and the Bank of Thailand joined the BLOOM initiative on Friday as regulatory members. This was announced as part of the project's expansion, aimed at simplifying the use of stablecoins and tokenized deposits for cross-border payments.
BLOOM (Borderless, Liquid, Open, Online, Multi-currency) is a public-private partnership that helps financial institutions apply stablecoins and tokenized deposits for international settlements. According to the Monetary Authority of Singapore (MAS), the initiative aims to reduce costs and help institutions bring services to market faster, reducing the need to establish separate arrangements with each counterparty or market.
MAS launched BLOOM in October 2025. The project continues the work of Project Orchid, initiated in 2021 to explore the possibilities of a digital Singapore dollar. In addition to cross-border payments, BLOOM's work covers corporate cash management, trade finance, and payments executed by AI agents within set limits.
Participants in BLOOM include Airwallex, Mastercard, Ripple, Visa, and the World Bank Group. The joining of the central banks of Malaysia and Thailand expands the number of regulatory members of the initiative and indicates an interest in coordinating cross-border settlements in Southeast Asia.
Separately, in February, Bank Negara Malaysia announced three initiatives that will test stablecoins and tokenized deposits in Malaysian ringgit for domestic and cross-border wholesale payments in 2026. These tests complement regional work on settlement infrastructure and are considered in the context of broader adoption of tokenized instruments in wholesale financial operations.
This material is prepared solely for informational purposes and does not constitute financial advice or a recommendation.
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