The Monetary Authority of Singapore (MAS), Bank Negara Malaysia (BNM), and Bank of Thailand (BOT) have joined forces with industry players to advance cross-border digital money settlements through the BLOOM initiative. This collaboration, announced on 23 October 2026, seeks to develop common approaches for the use of digital money across borders, including acceptance, exchange, and settlement.
BLOOM, a public-private initiative, unites policymakers, financial institutions, payment networks, and technology providers to enhance digital money’s role in international financial activities. As various digital money use cases, such as tokenised deposits and regulated stablecoins, emerge, the initiative aims to ensure effective cross-border usage through greater coordination.
The initiative’s focus includes developing settlement infrastructure and frameworks that promote interoperability for cross-border digital money transactions. It will address international standards and jurisdiction-specific supervisory expectations whilst accommodating local requirements.
BLOOM’s membership has expanded to include notable participants such as Airwallex, Mastercard, Maybank, and the World Bank Group. These participants are working on digital money applications across payments, treasury, and trade finance. The World Bank Group’s involvement brings valuable insights into payment systems modernisation and financial inclusion.
Participants will concentrate on three key areas: acceptance and settlement across jurisdictions, interoperability across digital money arrangements, and programmable controls. This approach aims to reduce the need for separate arrangements with each counterparty, lowering costs and improving market entry times.
Leong Sing Chiong, Deputy Managing Director at MAS, emphasised the importance of collaboration to address practical issues around acceptance, settlement, and interoperability. Aznan bin Abdul Aziz, Deputy Governor of BNM, highlighted the potential for frictionless cross-border payments, whilst Dr Daranee Saeju of BOT noted the opportunity to explore innovations whilst maintaining prudent oversight.
