Bank Negara Malaysia and the Bank of Thailand join the Monetary Authority of Singapore's BLOOM cross-border digital currency plan
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AT A GLANCE
The central banks of Singapore, Malaysia, and Thailand have joined the BLOOM plan to promote a cross-border digital currency settlement framework.
Article
The central banks of Singapore, Malaysia, and Thailand join forces to advance cross-border digital currency settlement, with Ripple, Visa, and others participating BLOOM Plan
PANews October 23 reported that the Monetary Authority of Singapore (MAS) announced that Bank Negara Malaysia (BNM) and the Bank of Thailand (BOT) have joined the BLOOM(Borderless, Liquid, Open, Online, Multicurrency) Plan as policy-making institution members. The three parties will work with industry participants in their respective jurisdictions to promote the establishment of a common framework for the use of digital currencies across borders, covering the acceptance, exchange, and settlement of different forms of digital currency across institutions, networks, and jurisdictions.BLOOM is a public-private partnership plan aimed at promoting the use of digital currencies in cross-border financial activities, covering scenarios such as tokenized deposits, regulated stablecoins, and settlement across payment networks. New participants include Airwallex, Mastercard, Malayan Banking (Maybank), Monee, Nium, Ripple, ShopeePay, Visa, and others...
Key points
01
The Monetary Authority of Singapore (MAS) announced that Bank Negara Malaysia (BNM) and the Bank of Thailand (BOT) have joined the BLOOM Plan as policy-making institution members.
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The three parties will work with industry participants in their respective jurisdictions to promote the establishment of a common framework for the use of digital currencies across borders.
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The framework covers the acceptance, exchange, and settlement of different forms of digital currency across different institutions, networks, and jurisdictions.
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BLOOM is a public-private partnership plan covering scenarios such as tokenized deposits, regulated stablecoins, and settlement across payment networks.
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New participants include Airwallex, Mastercard, Malayan Banking (Maybank), Monee, Nium, Ripple, ShopeePay, and Visa, among others.
AI-assisted interpretation
The following is analysis, separate from reported facts. Verify important claims independently.
Simply put, the central banks of the three countries and multiple companies are participating in a cross-border digital currency cooperation plan and attempting to discuss how different digital currencies can be accepted, exchanged, and settled across different countries and payment networks.
Why it matters to readers
If a common framework is established, the way cross-border digital currencies connect across different institutions and networks may become clearer; however, the current materials do not specify the relevant technical standards, implementation timeline, or actual settlement volume.
This concerns whether digital currencies can be exchanged and settled more conveniently when used for payments between different countries in the future.
Risks and unknowns
The original text is truncated at the list of participants, so the complete list cannot be confirmed.
The materials do not provide the original announcement link of the Monetary Authority of Singapore.
The materials do not specify the particular projects, contracts, or commercial cooperation involving participants such as Ripple and Visa.
BLOOM It remains unclear whether the plan will produce specific standards and generate actual settlement volume.
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Related concepts
Cross-border settlement
This term is not in the glossary yet. Browse related concepts in the glossary.
