Singapore · The Block
The central banks of Malaysia and Thailand are joining Singapore's BLOOM (Borderless, Liquid, Open, Online
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Singapore's Monetary Authority (MAS) confirmed Friday that Bank Negara Malaysia and the Bank of Thailand had joined as policymaker members.
Key facts
- Singapore's Monetary Authority (MAS) confirmed Friday that Bank Negara Malaysia and the Bank of Thailand had joined as policymaker members
- Ripple first announced its participation in BLOOM in March, when it said it would test trade payments using RLUSD on the XRP Ledger
- BLOOM began in October last year, with MAS bringing together banks and technology firms to test payments using tokenized bank money and regulated stablecoins
- The future of finance will involve multiple forms of digital money operating across different institutions and markets," MAS Deputy Managing Director Leong Sing Chiong said Friday
Summary
The central banks of Malaysia and Thailand are joining Singapore's BLOOM (Borderless, Liquid, Open, Online, Multi-currency) initiative to work on cross-border payments involving stablecoins and tokenized deposits. BLOOM began in October last year, with MAS bringing together banks and technology firms to test payments using tokenized bank money and regulated stablecoins. Ripple first announced its participation in BLOOM in March, when it said it would test trade payments using RLUSD on the XRP Ledger. MAS said the work will focus on how banks handle different forms of digital money for cross-border transactions, how different networks can interoperate, and safeguards, including identity checks, sanctions screening, and transaction controls.