Thailand and Malaysia back Singapore's BLOOM cross-border digital money initiative

The central banks of Thailand and Malaysia have joined the Borderless, Liquid, Open, Online, Multi-currency (BLOOM) initiative as policymaker members. Led by the Monetary Authority of Singapore, this public-private sector initiative aims to advance the use of digital money in cross-border financial activity by bringing together policymakers, financial institutions, payment networks, and technology providers.

According to the Malay Mail, the three central banks will partner with industry players within their respective jurisdictions to create common approaches for the acceptance, exchange, and settlement of various forms of digital money across different networks and institutions. The initiative seeks to deepen engagement regarding settlement infrastructure and frameworks that promote interoperability for cross-border transactions.

The project will address how international standards and jurisdiction-specific supervisory expectations can be applied to these transactions while accounting for local requirements. Finextra reports that the initiative is designed to advance cross-border settlement in digital money.

Brief written by urgent.news from Finextra, Malay Mail — 2 reports on this story. Machine-written — may contain errors; check the original before relying on it.