- Bank Negara Malaysia and the Bank of Thailand joined Singapore‘s BLOOM initiative as policymaker members on Friday
- BLOOM is a public-private initiative that helps financial institutions coordinate the use of stablecoins and tokenized deposits for cross-border payments
- The initiative aims to reduce costs and accelerate time-to-market by limiting the need for institutions to set up individual arrangements with each counterparty
Bank Negara Malaysia and the Bank of Thailand joined Singapore’s BLOOM initiative on Friday as policymaker members of the cross-border digital money project. BLOOM, short for Borderless, Liquid, Open, Online, Multi-currency, is a public-private initiative intended to help financial institutions coordinate the use of stablecoins and tokenized deposits for cross-border payments.
According to the Monetary Authority of Singapore, BLOOM aims to cut costs and help institutions bring services to market faster. Consequently, the initiative reduces the need for institutions to set up arrangements with each counterparty or market.
Meanwhile, Malaysia and Thailand add two more central banks to the initiative’s policymaker roster. The three authorities will partner with industry to advance cross-border settlement in digital money.
✅ Follow BITNEWSBOT on Telegram, Facebook, LinkedIn, X.com, and Google News for instant updates.
