Malaysia, Thailand join Singapore's BLOOM digital money initiative

Bank Negara Malaysia and the Bank of Thailand have joined Singapore's cross-border digital money initiative BLOOM as participating policy authorities. BLOOM stands for 'Borderless,' 'Liquid,' 'Open,' 'Online,' and 'Multi-currency.' This public-private initiative aims to assist financial institutions in utilizing stablecoins and tokenized deposits for cross-border payments, while minimizing the need for separate settlement and operational systems for each counterparty or market. The initiative seeks to reduce costs and accelerate the launch of new financial services. Key research areas include corporate treasury management, trade finance, and payments executed by AI agents within pre-set limits. The Monetary Authority of Singapore launched BLOOM in October 2025, based on Project Orchid, which examined use cases for a digital Singapore dollar. Participants include Airwallex, Mastercard, Ripple, Visa, and the World Bank Group.

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