Malaysia and Thailand central banks join Singapore's BLOOM initiative

Bank Negara Malaysia (BNM) and the Bank of Thailand (BOT) have joined Singapore's BLOOM initiative as policymaker members, expanding the cross-border digital money framework to three central banks alongside the Monetary Authority of Singapore (MAS). The central banks will work with industry participants to develop common approaches to cross-border digital money — covering acceptance, conversion and settlement across institutions, networks and jurisdictions.

• BLOOM targets settlement in stablecoins and tokenized deposits; Visa, Mastercard, Ripple and the World Bank Group are among its participants.
• The addition gives the MAS-led framework two more national regulators as it builds standards for interoperability.

No implementation details or timeline were disclosed.