The central banks of Malaysia and Thailand have joined the BLOOM initiative, led by the Monetary Authority of Singapore (MAS). The project focuses on developing unified standards for the use of tokenized deposits and regulated stablecoins in cross-border financial transactions.
The initiative aims to eliminate the need for financial institutions to negotiate individual agreements with every counterparty. This approach is expected to reduce implementation costs and accelerate the deployment of new financial services across international markets.
New participants joining the initiative include Airwallex, Mastercard, Maybank, Monee, Nium, Ripple, ShopeePay, Visa, and the World Bank Group. The World Bank will contribute expertise on payment system modernization and financial inclusion for developing economies.
MAS launched the BLOOM initiative in October 2025, building upon the foundations of Project Orchid, which began in 2021 to explore the digital Singapore dollar. The project previously included research into payment scenarios for AI agents.
Malaysia is simultaneously advancing its own digital currency agenda. The Central Bank of Malaysia announced that three pilot projects will test stablecoins and tokenized ringgit deposits for wholesale payments in 2026, with further regulatory guidance expected by year-end.
