Maybank Singapore Joins MAS ' BLOOM Initiative To Strengthen Cross-Border Payments

KUALA LUMPUR, Aug 6 (Bernama) -- Maybank Singapore Ltd today announced its participation in the Monetary Authority of Singapore's (MAS) borderless, liquid, open, online, multi-currency (BLOOM) initiative aimed at advancing next-generation, best-in-class cross-border payments and transaction banking infrastructure.

BLOOM is an industry initiative that seeks to enhance cross-border settlement through tokenised bank liabilities and regulated stablecoins, enabling a more interoperable and seamless financial ecosystem.

“This builds on a series of tokenisation milestones for Maybank in ASEAN, including its role in anchoring the inaugural tokenised sukuk issuance by Malaysia's sovereign wealth fund, Khazanah Nasional Bhd.

“The bank also completed the first on-chain Malaysian ringgit–Singapore dollar foreign exchange conversion and cross-border payment for Yinson Holdings Bhd in real time under Bank Negara Malaysia's Digital Asset Innovation Hub,” Maybank Singapore said in a statement.

Its country chief executive officer (CEO) and CEO Alvin Lee said through BLOOM, the bank aims to help shape the common standards and infrastructure principles needed to enable the future of digital finance in Singapore, in collaboration with MAS and industry participants, including financial technology players.

“The collaboration aligns with ROAR30, our five-year strategic plan to deliver value-based offerings, making banking more efficient and accessible, especially for small and medium enterprises (SMEs),” he said.

Maybank’s digital investments in tokenisation form part of its ROAR30 commitment to invest RM10 billion (SG$3.2 billion) over five years in technology, data and artificial intelligence (AI).

-- BERNAMA