Singapore’s MAS, Bank Negara Malaysia and the Bank of Thailand will collaborate with industry on cross-border digital money settlement. BLOOM will address digital money acceptance, cross-bord
Singapore, Malaysia and Thailand will work with financial firms on cross-border digital money settlement. The Monetary Authority of Singapore announced BLOOM on October 23. Bank Negara Malaysia and the Bank of Thailand joined as policymaker members. They will help develop approaches for regulated stablecoins and tokenized deposits across institutions and jurisdictions.
https://twitter.com/WuBlockchain/status/2113611009927856338?s=20BLOOM stands for Borderless, Liquid, Open, Online, Multi-currency. It brings policymakers, financial institutions, payment networks and technology providers together on cross-border digital money.
The initiative will examine how institutions accept digital money, arrange transactions with counterparties and settle across markets. It will also consider methods for connecting networks and digital money systems.
A third workstream covers programmable controls, including identity checks, sanctions screening and transaction controls. The framework will consider international standards and local supervisory requirements while allowing jurisdictions to retain different rules.
MAS said participants include Airwallex, Mastercard, Maybank, Monee, Nium, Ripple, ShopeePay, Visa and the World Bank Group. Their work spans payments, treasury and trade finance, including tokenized deposits, regulated stablecoins and payment-network settlement.
The World Bank Group joins as a multilateral development bank, contributing experience in payment modernization, cross-border payments and financial inclusion, including developing economies' needs.
According to MAS, shared frameworks and aligned commercial arrangements could reduce the need for institutions to negotiate separately with each counterparty or market. Central bank participation will keep public policy and regulatory considerations in the work.
MAS Deputy Managing Director Leong Sing Chiong said digital money will operate across institutions and markets. He said policymakers and industry must address acceptance, settlement and interoperability together.
Bank Negara Malaysia Deputy Governor Aznan bin Abdul Aziz said frictionless cross-border payments using multiple digital currencies were becoming more tangible. He said Malaysia would explore this with central banks and industry partners.
Bank of Thailand Deputy Governor Daranee Saeju welcomed collaboration with MAS on regulatory approaches for tokenized money, especially cross-border payments and wholesale settlement. She said the initiative would examine innovations while keeping oversight prudent, proportionate and responsive to evolving risks.
