Bank Negara Malaysia and the Bank of Thailand joined Singapore’s BLOOM initiative as policymaker members. BLOOM intends to help financial institutions use stablecoins and tokenized deposits for cross-border payments; the source does not report that it has cut costs or sped up services. The Monetary Authority of Singapore says the initiative aims to do both by reducing the need for separate arrangements with each counterparty or market.
Singapore launched BLOOM in October 2025. Bank Negara Malaysia separately announced in February that three initiatives would test ringgit stablecoins and tokenized deposits for domestic and cross-border wholesale payments in 2026.
