The central banks of Thailand and Malaysia have formally joined a public-private sector initiative led by the Monetary Authority of Singapore (MAS). Known as BLOOM, the project focuses on advancing the frameworks and infrastructure required for efficient cross-border settlement using digital money.
By participating in the initiative, the participating central banks aim to foster regional collaboration to streamline financial transactions between their respective jurisdictions. The project emphasizes a dual-track approach, leveraging both public sector oversight and private sector innovation to address the complexities inherent in multi-jurisdictional digital asset settlements.
As the initiative progresses, stakeholders are expected to explore technical and regulatory mechanisms to enhance the interoperability of digital payment systems across borders. This partnership marks a significant development in regional efforts to modernize financial infrastructure within Southeast Asia.
Source: Finextra
Original article: https://www.finextra.com/newsarticle/48641/thailand-and-malaysia-back-singapores-bloom-cross-border-digital-money-initiative?utm_medium=rssfinextra&utm_source=finextrafeed
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