Singapore, Malaysia and Thailand Advance Digital Money Use

Singapore’s MAS, Bank Negara Malaysia and the Bank of Thailand will collaborate with industry on cross-border digital money settlement. BLOOM will address digital money acceptance, cross-border settlement, network interoperability and programmable controls such as identity and sanctions checks. Ripple, Visa, Mastercard and the World Bank Group are among participants exploring applications across payments, treasury and trade finance. Singapore, Malaysia and Thailand will work with financial firms on cross-border digital money settlement. The Monetary Authority of Singapore announced BLOOM on October 23. Bank Negara Malaysia and the Bank of Thailand joined as policymaker members.