Bank Negara Joins Singapore-Led BLOOM to Shape Cross-Border Digital Money Rules
Bank Negara Malaysia (BNM), the country’s central bank, has joined BLOOM, a Singapore-led programme that is working out how banks and payment firms can use new forms of digital money to move funds across borders. The Bank of Thailand joined on the same day, 23 October 2026, turning a Singapore effort into a three-country conversation about the future of regional settlement.
Key facts
- The Monetary Authority of Singapore (MAS) announced on 23 October 2026 that BNM and the Bank of Thailand have joined BLOOM as “policymaker members”.
- BLOOM stands for Borderless, Liquid, Open, Online, Multi-currency. MAS launched it in October 2025 as a follow-up to Project Orchid, its earlier work on a digital Singapore dollar.
- It focuses on settlement using tokenised bank deposits and regulated stablecoins, across payments, treasury and trade finance.
- New industry members named by MAS include Airwallex, Mastercard, Maybank, Monee, Nium, Ripple, ShopeePay, Visa and the World Bank Group.
- No targets, figures or timelines were given for the next phase.
What BLOOM is trying to fix
Sending money between countries still often runs through chains of correspondent banks, each adding fees and delays. Digital money promises faster, always-on settlement, but it comes in many forms. A tokenised deposit is an ordinary bank deposit recorded on a blockchain-style ledger. A regulated stablecoin is a digital token issued by a licensed firm and backed one-for-one by assets such as cash. The problem is that each bank, network and country can end up with its own rules for these tokens.
MAS says BLOOM wants common approaches so institutions do not need a separate arrangement with every counterparty or market, which should cut costs and speed up launches. The three central banks will work with firms in their own markets on three areas: how digital money is accepted and settled across borders, how different systems can work together (interoperability), and programmable controls such as identity checks, sanctions screening and transaction limits built into the money itself.
BNM Deputy Governor Aznan Abdul Aziz said frictionless cross-border payments using multiple digital monies are moving closer to reality, and that BNM looks forward to exploring that future with other central banks and industry partners.
What it means for Malaysians
For now, this is policy groundwork, not a new app or a change to how you pay. Nothing changes for DuitNow, cards or e-wallets today. But the direction matters:
- Businesses and SMEs: exporters, importers and companies paying overseas suppliers are the most likely early winners if ringgit can be settled with Singapore dollars or baht in near real time, with fewer intermediaries.
- Banks and wallets: Malaysian-linked players are already at the table. Maybank Singapore joined BLOOM in August 2026 and earlier completed what it called the first real-time on-chain ringgit–Singapore dollar conversion and payment for Yinson Holdings, under BNM’s Digital Asset Innovation Hub. ShopeePay, popular with Malaysian shoppers, is also a member.
- Regulation: BNM said in February that three initiatives would test ringgit stablecoins and tokenised deposits for wholesale payments in 2026. Joining BLOOM lets Malaysia shape regional standards rather than simply adopt rules written elsewhere.
It also fits a busy month for BNM, which has just moved bonds and sukuk onto a digital ledger through SSDS+.
What to watch
- Whether BNM names Malaysian banks or fintechs for specific BLOOM pilots, and which currency pairs they cover.
- How BLOOM’s work links with BNM’s own ringgit stablecoin and tokenised deposit trials.
- Any common rulebook for programmable controls that could later reach retail payments.
Read more: Bank Negara launches SSDS+ and ASEAN’s cross-border QR record.
Sources: Monetary Authority of Singapore (Oct 2026), Fintech News Malaysia (Oct 2026), Cointelegraph (Oct 2026), The Star (Aug 2026).
