Singapore, Malaysia and Thailand Join Forces on BLOOM Cross-Border Digital Money Initiative

Singapore’s central bank has expanded its BLOOM initiative with the participation of Bank Negara Malaysia and the Bank of Thailand, bringing regulators, banks and global payment networks together to develop interoperable settlement systems for tokenised deposits and regulated stablecoins.

SINGAPORE, October 23, 2026 — The Monetary Authority of Singapore (MAS) has announced that Bank Negara Malaysia (BNM) and the Bank of Thailand (BOT) have joined its BLOOM cross-border digital money initiative as policymaker members.

The development brings three Southeast Asian central banks together to explore how digital currencies can move more effectively between financial institutions, payment networks and national markets.

The initiative, known as Borderless, Liquid, Open, Online, Multi-currency (BLOOM), focuses on building common approaches for digital money acceptance, exchange and settlement.

Its scope includes regulated stablecoins, tokenised commercial bank deposits and other eligible digital settlement assets.

The expanded initiative also includes major financial technology companies and payment networks such as Visa, Mastercard, Ripple, Airwallex, Nium and ShopeePay.

The World Bank Group has joined as a multilateral development bank participant.

Together, these organisations will examine how digital money systems can operate across borders without requiring financial institutions to establish separate technical and commercial arrangements for every market.

However, BLOOM remains a collaborative infrastructure initiative. MAS has not announced a live consumer payment service or a launch date for a new cross-border settlement network involving all three countries.

What Is Singapore’s BLOOM Digital Money Initiative?

BLOOM is a public-private initiative led by the Monetary Authority of Singapore.

It brings together policymakers, banks, payment networks and technology providers to advance digital money infrastructure for domestic and international financial transactions.

The initiative builds on earlier work under Singapore’s Project Orchid, which explored digital Singapore dollar applications and supporting infrastructure.

BLOOM addresses a different but related challenge: making various forms of digital money work across institutions and jurisdictions.

This matters because digital financial systems are developing along different paths.

Some banks are exploring tokenised deposits. Other institutions are issuing regulated stablecoins. Payment companies are also developing digital settlement capabilities.

These systems may use different networks, technical standards and operating arrangements.

Without coordination, financial institutions could face the same fragmentation that affects parts of today’s international payment infrastructure.

BLOOM aims to develop approaches that reduce this complexity while respecting the regulatory requirements of individual markets.

Malaysia and Thailand Bring Central Bank Oversight

The addition of Bank Negara Malaysia and the Bank of Thailand gives BLOOM a broader regional regulatory foundation.

The three central banks will work with industry participants to explore how different digital money arrangements can be accepted and settled across jurisdictions.

They will also examine the application of international standards and local supervisory requirements.

This is important because cross-border payments involve more than moving a digital token between two systems.

Financial institutions must consider legal obligations, settlement arrangements, identity verification, sanctions screening and transaction monitoring.

Different jurisdictions may apply different rules to these activities.

Therefore, a payment method that works within one country may require additional arrangements before it can operate internationally.

BLOOM seeks to identify common approaches while allowing for differences in national requirements.

MAS Deputy Managing Director Leong Sing Chiong highlighted the need for cooperation between policymakers and industry participants.

Bank Negara Malaysia Deputy Governor Aznan bin Abdul Aziz also welcomed the initiative as an opportunity to explore cross-border payments involving multiple forms of digital money.

Meanwhile, Bank of Thailand Deputy Governor Daranee Saeju emphasised the importance of maintaining prudent regulatory oversight while examining tokenised money and wholesale settlement.

The comments show that the central banks are approaching digital money innovation alongside financial stability and supervisory considerations.

Visa, Mastercard, Ripple and Major Banks Join the Initiative

BLOOM’s expanded participation brings together organisations from several parts of the financial services industry.

The newly announced participants include Airwallex, Mastercard, Maybank, Monee, Nium, Ripple, ShopeePay, Visa and the World Bank Group.

Existing industry members include Anchorage Digital, Ant International, Circle, Coinbase, DBS, J.P. Morgan, Kasikornbank, OCBC, Partior, Schroders, Standard Chartered, StraitsX, Stripe, Temasek, UOB and Xweave.

This range of participants is significant.

Traditional banks bring experience in deposit money, financial regulation and institutional settlement.

Payment networks and fintech companies contribute expertise in transaction processing, cross-border transfers and merchant services.

Digital asset firms bring knowledge of stablecoin infrastructure and token-based financial systems.

Together, these capabilities could support more practical approaches to digital money interoperability.

However, participation in BLOOM does not mean every organisation is issuing a stablecoin or committing to use a particular blockchain.

Likewise, the involvement of Ripple does not establish that BLOOM will use XRP, while the participation of Circle does not confirm that USDC will become a common settlement asset.

Specific technical and commercial arrangements will depend on the outcomes of the initiative’s work.

Three Priorities for Cross-Border Digital Money

MAS has identified three main areas for BLOOM participants.

1. Acceptance and settlement across jurisdictions

The first priority is determining how financial institutions can accept different forms of digital money for cross-border transactions.

This includes examining relationships between counterparties and the processes used to complete settlement.

For example, a bank in one country may need to receive or exchange a digital settlement asset issued through an arrangement in another country.

The institutions involved must agree on the conditions under which that asset can be accepted and how the transaction will be completed.

Common approaches could reduce the need to negotiate separate arrangements for every transaction corridor.

2. Interoperability between digital money networks

The second priority is interoperability.

Different digital money systems may operate on separate technical infrastructures.

A tokenised deposit arrangement may not automatically communicate with a stablecoin network or another bank’s settlement system.

This creates challenges for institutions that want to transfer value across multiple networks.

BLOOM will examine technical and operational approaches that allow these systems to work together.

Interoperability could help financial institutions support a wider range of transactions without relying on a single network.

However, common standards alone do not guarantee instant settlement or universal compatibility.

Practical results will depend on implementation, legal arrangements and the capabilities of participating systems.

3. Programmable controls and compliance safeguards

The third priority concerns programmable controls.

These include identity verification, sanctions screening and transaction restrictions.

Such controls are essential because financial institutions must comply with regulatory requirements even when transactions use new digital infrastructure.

Programmable systems may allow certain checks or conditions to be incorporated into payment workflows.

For example, a transaction could require verification of specified information before proceeding.

This approach could support more consistent controls across digital money arrangements.

Nevertheless, automated compliance processes require careful design, oversight and testing.

They must also account for differences between national legal requirements.

Why Tokenised Deposits and Regulated Stablecoins Matter

BLOOM focuses on the use of multiple forms of digital money rather than promoting one particular token.

Two important categories are tokenised deposits and regulated stablecoins.

Tokenised deposits generally represent commercial bank deposit claims using token-based technology. Their legal structure and protections depend on the issuing institution and applicable framework.

Regulated stablecoins are digital tokens designed to maintain a stable reference value, usually against a fiat currency, under an applicable regulatory regime.

Both may support digital payments and settlement, but they are not identical.

They can differ in issuer structure, redemption rights, reserve arrangements and regulatory treatment.

These distinctions become particularly important when assets move across borders.

A receiving institution must understand the nature of the asset, the rights attached to it and the requirements for settlement.

BLOOM’s work could help institutions address these questions through common implementation frameworks.

The initiative also considers multiple currencies, including major international and Asian currencies.

However, MAS has not announced a specific currency pair or stablecoin that all BLOOM participants will use.

How BLOOM Could Reduce Cross-Border Payment Complexity

International payment infrastructure often involves several institutions and operating arrangements.

A financial institution entering a new market may need separate technical connections, commercial agreements and compliance processes.

These requirements can increase implementation costs and delay the introduction of new services.

MAS believes that shared frameworks could reduce the need for institutions to establish individual arrangements with every counterparty or market.

This may help lower implementation costs and shorten time to market.

The potential benefits extend beyond conventional international transfers.

BLOOM participants are also exploring applications in corporate treasury, trade finance and other wholesale financial activities.

For example, a company managing payments across several countries may benefit from settlement systems that provide clearer transaction information and more consistent processes.

Trade finance could also benefit from payment arrangements linked to agreed transaction conditions.

However, these remain potential applications. MAS has not published measured cost savings or settlement-speed improvements resulting from the expanded three-country collaboration.

World Bank Group Adds a Financial Inclusion Perspective

The World Bank Group’s participation introduces an additional international development perspective.

According to MAS, the organisation will contribute experience in payment systems modernisation, cross-border payments and financial inclusion.

This is relevant because payment infrastructure challenges can be particularly significant for developing economies.

Businesses and individuals may face limited access to efficient international payment services, complex intermediary arrangements or high transaction costs.

Digital money infrastructure could help address some of these challenges if it is designed to support accessibility, interoperability and appropriate safeguards.

However, technology alone cannot resolve every barrier.

Financial inclusion also depends on regulation, access to financial services, digital connectivity and user trust.

The World Bank Group’s involvement may help bring these broader considerations into BLOOM’s discussions.

No specific World Bank-funded payment corridor or deployment was announced as part of the October 23 update.

What Has Not Yet Been Announced?

Despite the participation of three central banks and major financial institutions, several practical details remain open.

MAS has not announced a launch date for a live cross-border payment network connecting Singapore, Malaysia and Thailand under BLOOM.

It has also not identified a common settlement token, confirmed transaction volume or published a specific timetable for commercial deployment.

The announcement does not establish that retail consumers can already send BLOOM-based stablecoin payments between the three countries.

Nor does it confirm that a particular blockchain, payment network or digital asset will become the standard for participating institutions.

The initiative’s immediate purpose is to develop common approaches and implementation frameworks.

Its progress will become clearer as participants disclose technical arrangements, pilot results, commercial applications and regulatory outcomes.

TheFinRate Analysis: Southeast Asia Targets the Interoperability Problem

The expansion of BLOOM highlights a central challenge in digital finance.

Creating a stablecoin or tokenised deposit is only one part of building useful financial infrastructure.

The more difficult task is ensuring that different systems can interact safely across institutions, currencies and national borders.

This requires cooperation between regulators and private companies.

BLOOM brings together both groups, with Singapore, Malaysia and Thailand providing policymaker participation and major financial institutions contributing operational expertise.

The inclusion of Visa, Mastercard, Ripple, banks and fintech providers also reflects the variety of technologies that may form part of future payment systems.

The initiative is notable because it focuses on common arrangements rather than assuming that one network will replace all existing infrastructure.

For Southeast Asia, that approach could be valuable given the region’s different financial markets, currencies and regulatory frameworks.

However, the initiative’s commercial impact remains to be demonstrated.

The key measures will be whether participants can establish workable settlement arrangements, reduce implementation complexity and support real transactions across jurisdictions.

Conclusion: BLOOM Moves Cross-Border Digital Money Cooperation Forward

The decision by Bank Negara Malaysia and the Bank of Thailand to join Singapore’s BLOOM initiative marks an important step in regional cooperation on digital money.

With support from major banks, payment networks, fintech companies and the World Bank Group, BLOOM aims to develop common approaches for cross-border settlement using tokenised deposits and regulated stablecoins.

Its three priorities—settlement, interoperability and programmable controls—address practical issues that could influence how digital money is used internationally.

The central opportunity is not simply to create more digital currencies. It is to make different forms of money work together across borders while maintaining regulatory safeguards.

For now, BLOOM remains an infrastructure development initiative rather than a live three-country payment service.

Its next milestones will show whether regulatory cooperation can translate into practical, scalable cross-border financial services.

Malaysia and Thailand join MAS digital payments initiative

AirwallexBank Negara MalaysiaBank of ThailandBLOOMBLOOM digital moneyCross-border paymentsdigital money settlementfinancial infrastructureMalaysia FintechMastercardMonetary Authority of SingaporeNiumpayment interoperabilityprogrammable paymentsRippleSingapore fintechStablecoinsThailand fintechTheFinRatetokenised depositsVisaWorld Bank Group