Singapore's MAS Launches BLOOM Initiative to Enhance Settlement Capabilities

According to Foresight News, the Monetary Authority of Singapore (MAS) has initiated the BLOOM initiative, which stands for Borderless, Liquidity, Open, Online, and Multi-currency, to enhance the settlement capabilities offered by financial institutions. Through BLOOM, MAS aims to collaborate with the financial sector to facilitate the settlement of tokenized bank liabilities and well-regulated stablecoins, while effectively managing risks in the rapidly evolving digital settlement asset landscape through standardized approaches. BLOOM builds upon Project Orchid, which explored the use cases and necessary infrastructure for a digital Singapore dollar. The initiative addresses the growing interest from private sector participants in using tokenized bank liabilities and well-regulated stablecoins as settlement assets, including tokenized central bank reserves. Members of BLOOM will work together to tackle shared challenges and opportunities within the industry. Initial focus areas include the allocation and clearing of settlement assets, programmable control measures, and proxy payments.