BLOOM seeks to cut costs by helping financial institutions coordinate cross-border use of stablecoins and tokenized deposits.
Bank Negara Malaysia and the Bank of Thailand joined Singapore’s BLOOM initiative on Friday as policymaker members.
BLOOM, short for Borderless, Liquid, Open, Online, Multi-currency, is a public-private initiative that intends to help financial institutions use stablecoins and tokenized deposits for cross-border payments.
According to the Monetary Authority of Singapore, BLOOM aims to cut costs and help institutions bring services to market faster by reducing the need for institutions to set up arrangements with each counterparty or market.
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