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Bank Negara Malaysia and the Bank of Thailand have joined Singapore’s cross-border digital money initiative BLOOM as participating policy authorities, Cointelegraph reported.
BLOOM stands for “Borderless,” “Liquid,” “Open,” “Online,” and “Multi-currency.” The public-private initiative is designed to help financial institutions use stablecoins and tokenized deposits for cross-border payments, while reducing the burden of building separate settlement and operational systems for each counterparty or market. The goal is to cut costs and speed up the launch of new financial services. Key research areas also 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 explored use cases for a digital Singapore dollar. Participants include Airwallex, Mastercard, Ripple, Visa, and the World Bank Group.