Malaysia, Thailand Join Singapore in Stablecoin Payment Expansion

Central Banks of Malaysia and Thailand Join Singapore in Cross-Border Digital Payment Initiative

Singapore’s push for smoother cross-border digital payments has gained significant momentum with the addition of Malaysia and Thailand. The central banks of these three nations are collaborating to establish common rules for regulated stablecoins and tokenized bank deposits, a move expected to streamline financial transactions across borders by reducing delays and implementation costs for financial institutions.

The Monetary Authority of Singapore (MAS) announced on October 23, 2026, that Bank Negara Malaysia (BNM) and the Bank of Thailand (BOT) have joined its BLOOM initiative as policymaker members. Launched in October 2025, BLOOM (Borderless, Liquid, Open, Online, Multi-currency) serves as a platform for policymakers and financial firms to develop strategies for utilizing digital money across diverse countries and payment networks.

With Malaysia and Thailand now on board, the three central banks will work alongside industry stakeholders to forge unified approaches for the acceptance, exchange, and settlement of regulated stablecoins and tokenized bank deposits internationally.

A primary obstacle in cross-border payments has been the fragmentation of systems and regulations among different countries and financial institutions when processing digital money. BLOOM aims to address this by exploring how transactions can be settled between institutions and markets, and how various digital money networks can achieve interoperability. The initiative also seeks to alleviate the burden on banks and payment firms that currently need to establish individual agreements with each counterparty in every market.

This collaborative effort is anticipated to lower implementation costs and accelerate the introduction of cross-border payment services by financial institutions. However, the announcement does not indicate an immediate launch of a shared stablecoin payment service.

Furthermore, the three central banks will collaborate with industry participants on essential safeguards, including identity verification, sanctions screening, and transaction controls. The objective is to facilitate secure cross-border digital money transfers while adhering to international standards and the specific regulatory requirements of each participating country.

Aznan bin Abdul Aziz, Deputy Governor of Bank Negara Malaysia, expressed optimism about the progress towards multi-form digital money payments. “The world of payments progresses rapidly,” he stated, adding that BNM is eager to explore frictionless cross-border payments through BLOOM with its central bank and industry partners.

For Malaysia and Thailand, participation in BLOOM offers a pathway to influence the future use of regulated stablecoins and tokenized deposits across borders. The immediate focus will be on developing common frameworks for settlement and interoperability, rather than the creation of a new digital currency.