Singapore's cross-border payment initiative has expanded, with the central banks of Malaysia and Thailand joining the program from October 23, 2026. The Monetary Authority of Singapore (MAS), which heads the initiative, announced that Bank Negara Malaysia (BNM) and the Bank of Thailand (BOT) have joined BLOOM — short for Borderless, Liquid, Open, Online, Multi-currency — as policymaker members. The project seeks to enhance international payments through the use of regulated stablecoins and tokenized bank deposits.

In a media release published on October 23, 2026, MAS confirmed the two central banks' entry into the initiative:

MAS announced that Bank Negara Malaysia and Bank of Thailand have joined the BLOOM (Borderless, Liquid, Open, Online, Multi-currency) initiative as policymaker members.

— MAS (@MAS_sg) October 23, 2026 (via X)

The development introduces more regional policymakers into the discourse surrounding digital currency standards and payment facilitation in Southeast Asia. In a separate development, Cross River is incorporating Ripple's RLUSD stablecoin, based on the XRP Ledger, into its banking core system.

What Is the BLOOM Initiative?

BLOOM stands for Borderless, Liquid, Open, Online, Multi-currency and is being spearheaded by MAS in partnership with the private sector. MAS initiated the BLOOM project on October 16, 2025 in order to investigate how banks can leverage blockchain-enabled money in the process of international settlement. The addition of Malaysia and Thailand arrives just over a year after that launch, and it means the initiative's policymaker side now spans three Southeast Asian central banks: MAS, BNM, and BOT.

The project involves two types of digital money: tokenized bank liabilities and regulated stablecoins. Tokenized bank liabilities are essentially tokenized bank deposits, whereas stablecoins are tokens whose aim is to hold stable value relative to some currency, such as the US dollar.

The goal of the project is to enhance cross-border payments by streamlining the transfer and settlement of digital currencies and deposits. Although the term 'Ripple BLOOM' is often discussed alongside Ripple's stablecoin innovations, the Singapore BLOOM project and Ripple's RLUSD initiative are entirely different projects with separate objectives. BLOOM does not constitute a partnership or payment network by Ripple.

Malaysia and Thailand Join as Policymaker Members

BNM and BOT became policymaker members of BLOOM on October 23, 2026. This means that both central banks will have an opportunity to influence the development of the standards for digital currency and international transactions. That policymaker role is distinct from the industry-side participation of the companies and institutions working alongside them.

The project includes several organizations from the private sector, including Circle (stablecoin issuer), DBS (Singapore bank), Stripe (payments provider), and the World Bank Group.

BLOOM focuses mostly on wholesale finance activities and not retail payment transactions. Its work centers on areas such as trade finance and corporate treasury management, where companies require transfers of large amounts of money across national borders. Through the establishment of common standards, participating entities hope to cut down the costs of payments, streamline the settlement process, and avoid country-specific arrangements. Because the standards are intended to avoid country-specific arrangements, input from more than one regulator is central to how useful they will be for businesses moving funds between participating markets.

Programmable Compliance and Settlement Assets

One of the main focus areas of the BLOOM initiative is programmable compliance. This involves incorporating rules such as sanctions screening and limits on transfers directly into the payment process. For the wholesale flows BLOOM targets, transfers of this kind cross national borders, which is the environment these embedded rules are designed for.

BLOOM is also looking into ways to distribute settlement assets, the possibility of having multiple currencies, and connecting various payment networks. The establishment of risk management standards is another of the initiative's objectives.

If these attempts prove successful, businesses will be able to transfer funds between participating markets with ease. But this depends on how the standards are developed and implemented. Cross-border stablecoin offerings have not yet been introduced under the initiative, even as Malaysia and Thailand participate in shaping its standards.

BLOOM Builds on Singapore's Project Orchid

Singapore's BLOOM project extends the scope of the earlier Project Orchid, which MAS initiated in 2021 to study the digital version of the Singapore dollar. The expansion represents another attempt to bridge blockchain and traditional finance, and the involvement of Malaysia and Thailand can lead to more collaboration within the region, yet the results depend on further actions.

Cross River Integrates Ripple's RLUSD on the XRP Ledger

In a parallel development, Cross River is implementing the USD-denominated RLUSD stablecoin from Ripple on the XRP Ledger within the bank's core banking framework. According to Cross River's announcement, the implementation is aimed at facilitating real-time settlement, cross-border payments, and 24/7 treasury transactions via one API.

The move ties into the larger theme of blockchain-based payments in the context of digital money, although it remains distinct from the BLOOM project. While BLOOM attempts to create common standards for cross-border payments, the initiative's success will be dependent on regional cooperation, regulation, and adoption. Both developments reflect the growing importance of stablecoins and token deposits as instruments for interbank payments, though they remain separate efforts with distinct objectives.