Visa has announced its participation in Project Bloom, a Monetary Authority of Singapore (MAS) initiative aimed at integrating traditional payment systems with stablecoin-based payment rails. Partnering with Singapore-founded fintech Nium, Visa will pilot stablecoin settlements in Singapore, exploring how regulated stablecoins can facilitate seven-day-a-week payment settlements, including weekends and public holidays.
Currently, payment settlements are restricted to business days, causing delays in fund access for financial institutions. This pilot seeks to address these delays by leveraging stablecoins backed by major currencies such as the US dollar and euro. The initiative aims to improve efficiency and provide faster access to funds for participating institutions.
Adeline Kim, Visa’s Group Country Manager for Regional Southeast Asia, stated, “Through BLOOM and our pilot with Nium in Singapore, we are exploring how stablecoins can complement existing payment infrastructure, enabling greater flexibility in settlement whilst preserving the security, resilience and compliance standards that underpin global commerce.”
Nium, which recently launched domestic card issuance in the US, is expanding its platform that issues over 41 million card credentials annually across various markets. Amaresh Mohan, Chief Risk and Compliance Officer at Nium, remarked, “This pilot with Visa under BLOOM is a meaningful step in our partnership to shape the next phase of payments in the region.”
As a leading financial hub, Singapore continues to play a pivotal role in advancing digital finance. Initiatives like BLOOM are crucial in establishing a more connected and trusted financial ecosystem, fostering innovation without compromising trust.
