Malaysia, Thailand Join Singapore to Expand Cross-Border Stablecoin Payments

Malaysia and Thailand are joining Singapore to make cross-border digital payments work more smoothly, bringing three central banks together to develop common rules for regulated stablecoins and tokenized bank deposits.

The move could help financial institutions transfer and settle digital money across borders with fewer delays and lower implementation costs.

Malaysia and Thailand Join Singapore’s Stablecoin Push

On October 23, 2026, the Monetary Authority of Singapore (MAS) announced that Bank Negara Malaysia (BNM) and the Bank of Thailand (BOT) had joined its BLOOM initiative as policymaker members.

BLOOM, which stands for Borderless, Liquid, Open, Online, Multi-currency, was launched in October 2025. It brings policymakers and financial firms together to develop ways to use digital money across different countries and payment networks.

With Malaysia and Thailand joining, the three central banks will work with industry participants to establish common approaches for accepting, exchanging and settling regulated stablecoins and tokenized bank deposits across borders.

Three Countries Target Easier Digital Payments

The partnership focuses on a major challenge for cross-border payments: different countries and financial institutions may use separate systems and rules to process digital money.

BLOOM will examine how transactions can be settled between institutions and markets, and how different digital money networks can work together. The initiative also aims to reduce the need for banks and payment firms to establish separate arrangements with every counterparty in each market.

This could lower implementation costs and help financial institutions introduce cross-border payment services faster. However, the announcement does not confirm an immediate launch of a shared stablecoin payment service.

Stablecoin Transfers to Include Safety Checks

The three central banks will also work with industry participants on safeguards such as identity verification, sanctions screening and transaction controls. The aim is to support cross-border digital money transfers while accounting for international standards and each country’s regulatory requirements.

Bank Negara Malaysia Deputy Governor Aznan bin Abdul Aziz said payments using multiple forms of digital money were moving closer to reality.“The world of payments progresses rapidly,” he said, adding that BNM looked forward to exploring frictionless cross-border payments through BLOOM with other central banks and industry partners.

For Malaysia and Thailand, joining the initiative creates a path to help shape how regulated stablecoins and tokenized deposits could be used across borders. The next step is developing common frameworks for settlement and interoperability, rather than launching a new digital currency.