The Monetary Authority of Singapore (MAS) has outlined work under BLOOM to address acceptance, settlement and interoperability of digital money across jurisdictions, with contributions from Bank Negara Malaysia and the Bank of Thailand. The work develops MAS’ previously described focus on enabling settlement using different forms of digital money, including tokenised bank deposits and regulated stablecoins, beyond individual institutions’ ecosystems. BLOOM examines how financial institutions accept digital money, establish contractual arrangements with counterparties and settle transactions across markets. It also addresses the technical and operational approaches needed to connect different networks and infrastructures, alongside programmable safeguards such as identity verification, sanctions screening and transaction controls. Implementation frameworks and aligned commercial and operating arrangements are intended to reduce the need for separate agreements with each counterparty or market, lowering implementation costs and shortening time to market. Central bank participation will bring public policy and regulatory considerations into the development of these approaches.
Monetary Authority of Singapore outlines BLOOM work on digital money settlement across borders with Malaysian and Thai central banks
The Monetary Authority of Singapore has outlined BLOOM’s work on digital money acceptance, settlement and interoperability across borders, with contributions from Malaysia’s and Thailand’s central banks. The initiative addresses contractual arrangements, network connectivity and programmable safeguards. Shared implementation approaches are intended to reduce separate counterparty arrangements and implementation costs while incorporating regulatory considerations.