Key Points
Bank Negara Malaysia and Bank of Thailand become policymaker members of Singapore’s BLOOM framework.
The framework explores international settlement through stablecoins and tokenized bank deposits.
Major participants include Ripple, Visa, Mastercard, Circle, JPMorgan, and the World Bank Group.
A trial between Ripple and Unloq will deploy RLUSD on the XRP Ledger for trade settlement automation.
Regulatory work focuses on settlement mechanisms, interoperability standards, identity verification, and compliance frameworks.
The Monetary Authority of Singapore has welcomed two additional Southeast Asian regulators into its digital payment framework as Malaysia and Thailand commit to exploring cross-border settlement solutions. The collaboration will test regulated stablecoins alongside tokenized commercial bank deposits.
Two Southeast Asian Regulators Enter BLOOM Framework
Singapore’s central bank announced on Friday that Bank Negara Malaysia and the Bank of Thailand have joined as policymaker participants. Their role centers on regulatory oversight rather than direct payment execution.
BLOOM—an acronym for Borderless, Liquid, Open, Online, Multi-currency—launched in October 2025 to coordinate digital settlement standards among financial authorities, commercial banks, and fintech companies.
Global Payment Companies and Banks Contribute Resources
The framework already includes major payment networks such as Visa and Mastercard, blockchain firms like Ripple and Circle, banking institutions including JPMorgan and Standard Chartered, plus payment platforms Airwallex and Stripe. The World Bank Group contributes expertise in cross-border infrastructure and emerging market access.
Ripple revealed plans in March to test automated settlement with trade finance provider Unloq. The pilot will leverage RLUSD stablecoin on the XRP Ledger, releasing funds automatically when shipping milestones occur. In related developments, Cross River Bank integrated Ripple’s RLUSD into its payment infrastructure.
Focus areas span commercial transactions, corporate treasury operations, and international trade financing, where settlement speed and transparency create measurable value.
Central Banks Study Interoperability and Compliance Standards
The participating monetary authorities will analyze how financial institutions can accept and convert multiple digital currency formats across jurisdictions. Their research includes developing interoperability protocols that eliminate the need for bilateral agreements between every market pair.
Tokenized commercial bank deposits represent a second layer of the initiative. These instruments mirror traditional deposits while operating on distributed ledger infrastructure. Earlier this week, JPMorgan deployed its JPM Coin deposit token on Ethereum for qualified institutional participants.
MAS outlined that BLOOM will address identity verification protocols, sanctions compliance screening, and transaction volume controls. Shared technical frameworks could lower deployment expenses while preserving each regulator’s authority to enforce domestic requirements.
Malaysian and Thai Officials Describe Strategic Goals
Aznan bin Abdul Aziz, Deputy Governor at Bank Negara Malaysia, noted that diverse digital money formats were reaching operational readiness. He emphasized the value of joint development between public authorities and private enterprises.
Regulatory frameworks remain under separate national development. Recent actions include US banking authorities releasing waiver guidelines for current stablecoin operators, demonstrating how oversight approaches vary by jurisdiction. Daranee Saeju, Deputy Governor at the Bank of Thailand, stated that participation in Singapore’s initiative would inform Thailand’s own regulatory standards for tokenized assets.
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