People walk on the boardwalk in front of commercial high rise buildings at Marina Bay in Singapore on Sept. 26, 2024. Photo by AFP
The central banks of Singapore, Malaysia and Thailand will work with industry players in their respective jurisdictions to develop common approaches for the cross-border use of digital money.
The approaches may cover how different forms of digital money can be accepted, exchanged and settled across institutions, networks and jurisdictions, according to a statement last Friday by Singapore’s central bank, the Monetary Authority of Singapore (MAS).
The cooperation will take place under the BLOOM (Borderless, Liquid, Open, Online, Multi-currency) initiative, which was launched and is led by Singapore.
The central banks of Malaysia and Thailand have joined the initiative as policymaker members, alongside MAS.
The initiative aims to bring together policymakers, financial institutions, payment networks and technology providers to advance the use of digital money in cross-border financial activities.
According to the statement, participants will focus on three areas: acceptance and settlement across jurisdictions, interoperability among digital money arrangements, and programmable controls.