Maybank Joins MAS BLOOM Project to Trial Tokenised Settlements

Malaysia's Maybank Group has announced its participation in the Monetary Authority of Singapore's BLOOM initiative, marking a significant step in the regional push to modernise cross-border payments. The BLOOM project, launched by MAS in October 2025, is designed to test how tokenised bank liabilities and regulated stablecoins could serve as direct alternatives to the established correspondent banking model. Maybank's involvement signals growing interest among Southeast Asian banks in digital settlement infrastructure, though the bank has not specified which types of liabilities it will tokenise during the trials.

Maybank's entry into BLOOM follows a series of digital asset pilots. In March, the bank completed its first cross-border transaction using tokenised deposits in partnership with Yinson Holdings Berhad, an energy infrastructure company. The following month, Maybank acted as joint lead manager, custodian, and primary subscriber for the inaugural tokenised sukuk issued by Khazanah Nasional Berhad, Malaysia's sovereign wealth fund. These initiatives are part of Maybank's five-year ROAR30 strategy, which commits RM 10 million (about $2.44 billion) to upgrading technology, data, and artificial intelligence infrastructure.

Testing New Settlement Models

The BLOOM initiative builds on the technical groundwork laid by MAS's earlier Project Orchid, which conducted over ten successful trials to establish the infrastructure for a potential digital Singapore dollar. BLOOM now brings together a diverse group of participants, including JP Morgan, Standard Chartered, DBS Bank, Stripe, Circle, and Coinbase, to explore how tokenised money could streamline international payments. By joining this group, Maybank aims to evaluate whether tokenised bank liabilities and regulated stablecoins can reduce the complexity, cost, and settlement time associated with correspondent banking.

For context, Maybank reported total liabilities of RM 956 billion (approximately $233.7 billion) for the 2025 financial year. The bank's participation in BLOOM reflects a broader industry trend toward experimenting with digital forms of money for wholesale and cross-border settlement. While the specific liabilities to be tokenised have not been disclosed, the trials are expected to provide insights into operational, regulatory, and risk management challenges that could arise if tokenised money is adopted at scale.

Regional and Global Implications

Tokenised settlement models are being closely watched by regulators and financial institutions worldwide, as they promise to address longstanding inefficiencies in cross-border payments. Traditional correspondent banking often involves multiple intermediaries, leading to delays, higher costs, and limited transparency. By contrast, tokenised bank liabilities and regulated stablecoins could enable direct, programmable settlement between institutions, potentially improving speed and reducing operational risk.

Maybank's involvement in BLOOM comes as other regional and global banks explore similar pilots. The MAS-led project is notable for its collaborative approach, bringing together both established banks and newer fintech and crypto firms. This mirrors developments in other markets, such as India, where the Small Industries Development Bank has expanded invoice validation using MonetaGo's Secure Financing system to combat fraud and improve credit access, as detailed in a recent report on digital payment infrastructure upgrades.

Data and Industry Context

According to Maybank's 2025 annual report, the group's total liabilities reached RM 956 billion, underlining the scale at which tokenisation could eventually be applied if trials prove successful. MAS's Project Orchid, which preceded BLOOM, completed more than ten technical trials, laying the foundation for digital currency infrastructure in Singapore. The BLOOM initiative, launched in October 2025, has since attracted a mix of global banks and technology firms, reflecting the growing convergence of traditional finance and digital assets in the region.

Tokenised settlement trials are still in their early stages, and widespread adoption will depend on regulatory clarity, interoperability standards, and the ability to manage new forms of operational and cyber risk. However, the participation of major banks like Maybank suggests that the industry is preparing for a future in which digital money could play a central role in cross-border payments and settlement.

Tokenised bank liabilities are digital representations of a bank's obligations, issued and settled on distributed ledger technology (DLT) platforms. Unlike unregulated cryptocurrencies, these liabilities are backed by the issuing bank and subject to regulatory oversight, making them distinct from public blockchain tokens. Regulated stablecoins, meanwhile, are digital tokens pegged to a fiat currency and issued under a clear legal framework. Both instruments are being tested as ways to improve the efficiency, transparency, and programmability of cross-border payments, but their adoption will require careful coordination between banks, regulators, and technology providers to ensure security, compliance, and interoperability across jurisdictions.