Malaysia and Thailand Join BLOOM Financial Initiative
The two central banks now support the cross-border digital asset project launched by the Monetary Authority of Singapore.
Updated on Oct. 23, 2026 in Financial Services
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Bank Negara Malaysia and the Bank of Thailand have officially joined the BLOOM initiative as policymaker members. The public-private program aims to standardize the use of stablecoins and tokenized deposits for international transactions.
Why it matters
By participating in BLOOM, these central banks seek to lower costs and accelerate the deployment of digital financial services. The initiative removes the requirement for institutions to negotiate separate, costly arrangements with every individual market or counterparty.
Bank Negara Malaysia recently announced three distinct initiatives focused on testing ringgit-based stablecoins and tokenized deposits. These efforts complement the broader mission of BLOOM to streamline cross-border payment efficiency.
The players
Bank Negara Malaysia
This is the central bank of Malaysia and is responsible for promoting monetary and financial stability.
Bank of Thailand
This is the central bank of Thailand and manages the country's monetary policy and financial system.
Monetary Authority of Singapore
This serves as Singapore's central bank and integrated financial supervisor.
The details
BLOOM was established by the Monetary Authority of Singapore in October 2025 to foster a collaborative environment for digital asset usage. It builds upon the foundational research of Project Orchid, which began in 2021 to examine the potential for a digital Singapore dollar.
Timeline
Project Orchid began in 2021.
The Monetary Authority of Singapore launched BLOOM in October 2025.
Bank Negara Malaysia announced three testing initiatives in February 2026.
Malaysia and Thailand joined the BLOOM initiative on October 18, 2026.
Market Landscape
The expansion of the BLOOM initiative signals a growing regional commitment to standardizing cross-border digital asset protocols. This growth positions the framework as a primary competitor to traditional bilateral banking arrangements for digital currency settlements.
Customers of major financial institutions may eventually see faster and cheaper international money transfers as these digital asset protocols scale. These changes are expected to reduce overhead costs for banks, potentially leading to lower transaction fees for cross-border digital payments.
The takeaway
The move by Malaysia and Thailand highlights a shift toward collaborative, centralized digital asset testing instead of fragmented individual efforts. It serves as a reminder that central banks are increasingly prioritizing private-sector partnerships to modernize aging international payment infrastructure.
Further reading
Learn more about evolving digital asset regulations in the Financial Services section.
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