Circle · Singapore · crypto.news Thailand
BLOOM, short for Borderless, Liquid, Open, Online, Multi-currency, brings regulators
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The participating institutions will concentrate on three areas: cross-border acceptance and settlement, interoperability between digital money networks, and programmable transaction controls.
Key facts
- According to the Monetary Authority of Singapore’s October 23 announcement, Bank Negara Malaysia and the Bank of Thailand have joined the program as policymaker members
- The October 23 announcement did not identify a launch date for a three-country settlement service, transaction volumes or a timetable for adopting common rules
- MAS added Ripple, Airwallex, Mastercard, Maybank, Monee, Nium, ShopeePay, Visa and the World Bank Group to BLOOM’s participant list
- For Ripple, participation builds on its RLUSD trade finance pilot with Unloq, which examined settlement using the XRP Ledger
Summary
Singapore has brought Malaysia and Thailand into its BLOOM initiative, bringing three Southeast Asian central banks together to develop common approaches for cross-border transactions involving regulated stablecoins and tokenized bank deposits. Malaysia and Thailand’s central banks have joined Singapore’s BLOOM initiative to coordinate cross-border digital money settlement. Ripple, Mastercard, Maybank and other major payment companies have joined the expanded initiative. The project covers regulated stablecoins, tokenized deposits, interoperability and programmable compliance controls. Malaysia is testing ringgit stablecoins, while Thailand is consulting on rules for baht-backed stablecoin issuers.