Central banks of Singapore, Malaysia and Thailand join hands to promote cross-border digital currency payments

China News Service, Kuala Lumpur, October 24th. The Monetary Authority of Singapore announced on the 23rd that Bank Negara Malaysia and the Bank of Thailand have officially joined the BLOOM digital currency cross-border cooperation initiative. The three countries will join hands with the financial industry to promote cross-border digital currency payments and make fund transfers between different countries more convenient and faster.

BLOOM is a cooperation project involving governments and enterprises. It mainly studies how to allow digital currencies in different countries to circulate with each other, including tokens after digitizing bank deposits and regulated stable coins.

The cooperation focuses on three aspects: first, studying how different countries accept and settle digital currencies; second, promoting the interconnection of payment systems in various countries; third, strengthening identity verification, transaction review and risk management to ensure the security of cross-border transactions.

Institutions participating in the program have also been further expanded, including Mastercard, Visa, Ripple, Maybank, Airwallex, Monee, Nium, ShopeePay and the World Bank Group.

The Monetary Authority of Singapore said that this cooperation is expected to reduce the cost of financial institutions conducting cross-border business and make cross-border payments more convenient and efficient in the future.