Switch to seedless. Get 30% off with SWITCH30 till Oct 26Malaysia and Thailand join Singapore’s BLOOM initiative
6.6 Banking Malaysia and Thailand join Singapore’s BLOOM to standardize and streamline cross-border digital currency settlements, boosting regional financial cooperation.
Bank Negara Malaysia and the Bank of Thailand have joined Singapore’s BLOOM (Borderless, Liquid, Open, Online, Multi-currency) initiative as policymaker members. Led by the Monetary Authority of Singapore, BLOOM is a public-private partnership focused on standardizing stablecoins and tokenized deposits for cross-border payments. The initiative seeks to establish common frameworks for the acceptance, exchange, and settlement of digital currencies across institutions and jurisdictions. Its goal is to reduce costs and inefficiencies in international transactions, making cross-border payments more seamless and efficient. Major financial players such as Visa, Mastercard, and the World Bank Group are also involved. The participation of Malaysia and Thailand marks a significant step toward regional financial integration and the broader adoption of digital assets for cross-border settlements.
