The Monetary Authority of Singapore (MAS) has unveiled a new initiative called BLOOM (Borderless, Liquid, Open, Online, Multi-currency), which aims to enhance digital payments using tokenised bank deposits and regulated stablecoins. The effort intends to make settlement faster, safer, and more efficient across numerous currencies, including the major G10 and Asian currencies.

BLOOM will initially focus on wholesale banking applications such as trade finance, corporate treasury operations, and AI-powered automated payments that follow pre-set rules. Major financial and technology companies, including DBS, OCBC, UOB, Circle, Partior, Stripe, Ant International, StraitsX, and Coinbase, are participating in the initiative.

The project will look into coordinated settlement asset clearing, programmable compliance systems to reduce operational expenses, and AI-powered payment automation to increase efficiency.

BLOOM builds on MAS’s earlier Project Orchid, which was initiated in 2021 to investigate the viability of a digital Singapore dollar. More than ten trials conducted under Project Orchid have already yielded commercial results.

Kenneth Gay, MAS’s Chief FinTech Officer, stated that BLOOM builds on Singapore’s technical basis for digital currencies, complementing other projects such as Project Guardian and the Global Layer One architecture to reinforce the country’s position as a financial innovation leader.