Malaysia and Thailand Join Singapore’s BLOOM Initiative for Stablecoin Payments

Summary

• Malaysia and Thailand have joined Singapore’s BLOOM initiative to strengthen regional cooperation on cross-border payments involving stablecoins and tokenized deposits.
• Ripple’s participation includes testing RLUSD payments on the XRP Ledger, with Unloq supporting automated settlement through predefined commercial trade conditions.
• Participating central banks will examine digital money interoperability, regulatory safeguards, identity verification, sanctions screening, and wholesale settlement across financial networks.

Malaysia and Thailand have joined Singapore’s BLOOM initiative to develop cross-border payment systems involving stablecoins and tokenized bank deposits. The Monetary Authority of Singapore (MAS) confirmed Friday that both central banks had entered the program as policymaker members.

Their participation brings three Southeast Asian monetary authorities together to examine digital money settlement across different financial networks. Ripple, Visa, Mastercard, Circle, Coinbase, JPMorgan, Standard Chartered, Stripe, and the World Bank Group participate in BLOOM.

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BLOOM Expands Regional Cross-Border Payment Trials

Singapore launched BLOOM in October 2025 to explore settlement through regulated stablecoins and tokenized commercial bank deposits. Participating institutions will examine how banks process different digital money instruments across borders and connect separate payment networks.

MAS identified identity verification, sanctions screening, and transaction controls as essential areas for the participating institutions. These safeguards form part of the initiative’s work on cross-border payment operations involving banks and digital asset providers.

Ripple joined BLOOM in March 2026 to test trade payments vc hfo REG Ichqrx using RLUSD, its dollar-backed stablecoin. Working with supply chain fintech company Unloq, Ripple will test automated payment releases linked to predetermined trade conditions.

Unloq’s SC+ platform supports these transactions to trigger payment execution upon completion of agreed commercial requirements. The trial adds a trade settlement application to BLOOM’s examination of digital money interoperability.

Central Banks Examine Tokenized Money Regulations

Bank Negara Malaysia Deputy Governor Aznan bin Abdul Aziz said that cross-border payments involving multiple digital money instruments are increasingly practical. Bank of Thailand Deputy Governor Daranee Saeju identified tokenized money regulation as a priority for the country’s participation.

Thailand will examine regulatory approaches covering international payments and wholesale settlement within the initiative’s framework. Meanwhile, MAS Deputy Managing Director Leong Sing Chiong emphasized the growing role of different digital money instruments across institutions.

Singapore has tested wholesale central bank digital currency separately from BLOOM’s stablecoin and tokenized deposit activities. The expanded partnership brings Malaysia and Thailand into Singapore’s work on interoperable payment systems, settlement procedures, and regulatory safeguards.

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