MAS, Bank Negara Malaysia and Bank of Thailand Partner with Industry to Advance Cross-Border Settlement in Digital Money through BLOOM

The Monetary Authority of Singapore (MAS), Bank Negara Malaysia (BNM), and Bank of Thailand (BOT) have joined forces with industry players in the BLOOM initiative to develop common approaches for cross-border digital money settlement. This collaboration aims to facilitate the acceptance, exchange, and settlement of various forms of digital money, including tokenized deposits and regulated stablecoins, across different institutions, networks, and jurisdictions. The initiative seeks to reduce implementation costs for financial institutions and ensure public policy and regulatory considerations are integrated into the development of these frameworks.