Central banks of Singapore, Malaysia, and Thailand develop agreements for digital money

The central banks of Singapore, Malaysia, and Thailand are collaborating within BLOOM on cross-border payments using digital money. This includes regulated stablecoins and tokenized bank deposits. A start date for a new payment service has not yet been announced. The Monetary Authority of Singapore has confirmed that Bank Negara Malaysia and the Bank of Thailand have joined BLOOM. The collaboration aims to develop a common approach to digital money, allowing institutions to accept and exchange regulated stablecoins and tokenized bank deposits. BLOOM seeks to improve connectivity between different payment networks and is working on identity checks and sanctions lists. However, the central banks have not announced a specific payment route or combination of currencies. Malaysia and Thailand already have experience with applications of stablecoins and tokenized bank deposits. Participating companies include Mastercard, Visa, and Ripple, but the use of XRP has not been confirmed. Ripple previously described a trial within BLOOM, but the joint announcement does not mention a specific currency or network.

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