Three major central banks in Asia have teamed up to test digital money. On October 23, 2026, the central banks of Malaysia and Thailand joined a big project. The project is led by Singapore. It is called BLOOM. It tests how banks can send money across borders. They use stablecoins and digital bank tokens to move cash fast.
Singapore’s central bank is called MAS. It started the BLOOM project in October last year. BLOOM stands for Borderless, Liquid, Open, Online, Multi-currency. Now, the central banks of Malaysia and Thailand have joined too. They are taking part as official rule makers. Together, the three countries want to make cross-border payments faster. They also want to make transfers cheaper for shops and families.
Sending money between countries in Asia can still be slow and costly. Normal bank wires often pass through several middle banks. Each bank takes a fee. Each stop also adds waiting time. By using digital coins on computer networks, banks can settle payments in seconds instead of days. The system also works on weekends. It even works on holidays when regular banks stay closed.
The project brings together some of the biggest names in global finance and crypto. Payment giants Visa, Mastercard, and Stripe are part of the group. Major crypto firms like Ripple, Circle, and Coinbase have also joined. Traditional banks like JPMorgan and Standard Chartered are taking part too. Even the World Bank Group is helping with the tests.
Ripple has been testing trade payments in the group since March. The company uses its dollar stablecoin, called RLUSD, on the XRP Ledger network. Ripple works with a supply chain firm named Unloq. They use smart computer rules on Unloq’s SC+ platform. These rules release money automatically when shipping goods arrive at a port. This helps small suppliers get paid right away. They do not have to wait weeks for paper checks to clear.
The three central banks will study how different kinds of digital cash can work together. Some banks use tokenized bank deposits. Other firms use regulated stablecoins. A stablecoin is a digital coin tied to a normal currency like the dollar. The central banks want to make sure these different coins can move smoothly. They want them to work across different computer networks.
Safety is a top goal for the three central banks. Officials are testing ways to build identity checks into digital transfers. They are also building tools to screen for sanctions. These tools help block illegal money moves. Banks must follow strict safety rules even when money moves on an open blockchain.
Small businesses across Southeast Asia stand to gain a lot from this work. Many local shops buy parts from neighboring countries. High bank fees eat into their small profits. Fast digital rails let these small firms trade across borders. It becomes as easy as sending a text message. Workers who send cash home to their families will also save money on fees. They can keep more of their hard-earned pay.
Leaders from all three central banks shared warm support for the project. Leong Sing Chiong is a top leader at Singapore’s central bank. He said the future of finance will use many forms of digital money. They will run across different markets. Aznan bin Abdul Aziz from Malaysia’s central bank shared his view too. He noted that digital cross-border payments are becoming real for everyday business. Daranee Saeju works at the Bank of Thailand. She added that the project will help leaders design smart rules for digital cash.
This teamwork shows that Asian countries are leading the way in digital banking. By bringing central banks, card networks, and crypto firms into one room, the region is building modern payment rails for global trade. More regional banks are expected to join the trials next year.