Singapore’s MAS Launches BLOOM Initiative to Revolutionize Financial Settlements

The Monetary Authority of Singapore (MAS) has launched BLOOM, a pioneering initiative aimed at transforming financial settlements. This borderless framework, encompassing Liquidity, Openness, Online operations, and Multi-currency functionality, seeks to enhance settlement capabilities for institutions operating within Singapore’s vibrant digital economy. BLOOM collaborates with the financial sector to facilitate the use of tokenized bank liabilities and well-regulated stablecoins as settlement assets, while effectively managing the risks inherent in the evolving landscape of digital settlements. ]