MAS, Bank Negara Malaysia and Bank of Thailand partner with industry to advance cross-border settlement in digital money through BLOOM.

The BLOOM initiative will focus on three areas: acceptance and settlement of digital money across jurisdictions, interoperability across digital money arrangements and networks, and programmable controls such as identity verification, sanctions screening and transaction controls. By developing implementation frameworks and aligning commercial and operating arrangements, BLOOM aims to reduce the need for financial institutions to set up separate arrangements with each counterparty, lowering implementation costs and improving time to market. Central bank participation is intended to ensure public policy and regulatory considerations are addressed. Officials from MAS, BNM and BOT welcomed the collaboration.

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