Singapore, Malaysia and Thailand Expand Cross-Border…
By Rick Steves
AI summary of the source article
The central banks of Singapore, Malaysia, and Thailand have joined industry participants in the BLOOM initiative. The project aims to develop common approaches for accepting, exchanging, and settling tokenised deposits, regulated stablecoins, and other digital money across borders.
Why it matters
MAS expects common approaches to "reduce the need for financial institutions to make separate arrangements for each counterparty or market, lowering implementation costs and improving time to market."
Key facts
- The Monetary Authority of Singapore, Bank Negara Malaysia, and the Bank of Thailand joined the public-private BLOOM initiative.
- New participants include Airwallex, Mastercard, Maybank, Monee, Nium, Ripple, ShopeePay, Visa, and the World Bank Group.
- The initiative focuses on three workstreams: cross-border acceptance and settlement, interoperability, and programmable controls.
Source excerpt · FinanceFeeds
The Monetary Authority of Singapore, Bank Negara Malaysia and the Bank of Thailand are joining industry participants through the BLOOM initiative to develop common approaches for using digital money across borders. The policymakers will work with financial institutions, payment networks and technology providers on how tokenised deposits, regulated stablecoins and other forms of digital money can b…