Malaysian and Thai central banks join SG’s BLOOM

They will ensure policy and regulatory considerations are taken into account.

Bank Negara Malaysia (BNM) and the Bank of Thailand (BOT) have joined the Borderless, Liquid, Open, Online, Multi-currency (BLOOM) initiative as policymaker members, the Monetary Authority of Singapore (MAS) announced on 23 October.

BLOOM is a public-private initiative that brings together policymakers, financial institutions, payment networks, and technology providers to advance the use of digital money in cross-border financial activity.

Through BLOOM, the central banks will partner with industry players in their respective jurisdictions to develop common approaches to how digital money, including tokenised deposits and regulated stablecoins, can be accepted, exchanged, and settled across institutions, networks, and jurisdictions.

MAS said the participation of central banks will ensure that public policy and regulatory considerations are taken into account as these approaches are developed.

"The future of finance will involve multiple forms of digital money operating across different institutions and markets,” said Leong Sing Chiong, deputy managing director for markets and development at MAS.

“To fully harness the benefits of using digital money, collaboration among policymakers and industry participants will be needed to address practical issues around acceptance, settlement and interoperability,” he added.

BNM and BOT join 26 other BLOOM participants, including industry members Airwallex, Mastercard, Maybank, Monee, Nium, Ripple, ShopeePay, and Visa.

The World Bank Group has also joined, contributing its experience in payment systems modernisation, cross-border payments, and financial inclusion.