Maybank joins MAS tokenised settlement trials

By Milan Rojan

Maybank Group has joined the Monetary Authority of Singapore’s (MAS) BLOOM initiative to test tokenised settlement mechanisms that could provide alternatives to traditional correspondent banking arrangements.

The Malaysia-headquartered banking group has said its Malaysia Singapore entity will collaborate with MAS to trial the use of tokenised bank liabilities and regulated stablecoins for cross-border settlement. The initiative was designed to assess whether regulated digital assets can support faster and more direct settlement between financial institutions.

Maybank’s announcement has not specified which bank liabilities it plans to tokenise during the trials. The group has reported total liabilities of $233.7 billion for FY2025.

BLOOM has followed MAS’ Project Orchid, which has conducted more than 10 trials focused on developing the technical capabilities and infrastructure required to support a digital Singapore dollar. The successor initiative has expanded the focus towards practical applications of tokenised money and settlement.

The BLOOM project has attracted participation from major financial and technology firms, including JPMorgan, Standard Chartered, DBS Bank, Stripe, Circle and Coinbase.

Maybank has already expanded its activity in digital assets through several initiatives. In March, the bank completed its first transaction involving tokenised deposits through a cross-border pilot with energy infrastructure company Yinson Holdings Berhad.

In April, Maybank has also acted as joint lead manager, custodian and primary subscriber for the first tokenised sukuk issued by sovereign wealth fund Khazanah Nasional Berhad.

The initiatives have formed part of Maybank’s five-year ROAR30 strategy, which has included investments in technology, data and artificial intelligence infrastructure. The bank has allocated  $2.44 billion towards the strategy.

The latest participation has further positioned Maybank within Singapore’s growing tokenisation ecosystem as financial institutions have continued testing blockchain-based settlement models for cross-border transactions.