Singapore's BLOOM stablecoin initiative welcomes Thailand and Malaysia as partners
The BLOOM framework aims to reduce expenses for financial institutions by facilitating coordinated cross-border transactions using stablecoins and tokenized deposit systems.
On Friday, the Bank of Thailand and Bank Negara Malaysia became policymaker members of Singapore's BLOOM initiative, expanding the cross-border payment network.
The acronym BLOOM stands for Borderless, Liquid, Open, Online, Multi-currency, and represents a collaborative public-private program designed to facilitate financial institutions' utilization of stablecoins and tokenized deposits for international payment transactions.
The Monetary Authority of Singapore states that BLOOM's objective is to reduce expenses and enable institutions to deliver services to the market more rapidly by minimizing the requirement for institutions to establish individual arrangements with every counterparty or market they operate in.
The Monetary Authority of Singapore introduced BLOOM in October 2025, expanding upon Project Orchid, an initiative that commenced in 2021 to investigate applications for a digital Singapore dollar. The scope of BLOOM's operations also encompasses corporate cash management, trade finance and payments executed by AI agents within predefined limits.
Among BLOOM's participants are Airwallex, Mastercard, Ripple, Visa and the World Bank Group.
In a separate announcement made in February, Bank Negara Malaysia revealed that three initiatives would test ringgit stablecoins and tokenized deposits for domestic and cross-border wholesale payments in 2026.