Singapore, Malaysia, Thailand to Expand BLOOM Digital Money Initiative

MT Newswires10-23

The Monetary Authority of Singapore, Bank Negara Malaysia and the Bank of Thailand will join forces with industry participants to develop common approaches for cross-border digital money use, following the two central banks' entry into the BLOOM initiative as policymaker members.

The initiative will focus on cross-border acceptance and settlement, interoperability between digital money arrangements, and programmable controls such as identity verification and sanctions screening, according to a Friday announcement.

Participants will explore applications involving tokenized deposits, regulated stablecoins and settlement across payment networks, it said.

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