SINGAPORE: Maybank Singapore has joined MAS’ BLOOM initiative to advance tokenised cross-border settlements. Borderless, Liquid, Open, Online and Multi-currency (BLOOM) seeks to improve cross-border settlement through tokenised bank liabilities and regulated stablecoins.
The industry initiative aims to develop a more interoperable financial system.
Maybank Singapore country chief executive officer and chief executive officer Alvin Lee said the bank would work with the Monetary Authority of Singapore, financial technology companies and other industry participants on common standards and infrastructure principles.
“Through BLOOM, Maybank aims to help shape the common standards and infrastructure principles needed to enable the future of digital finance in Singapore.
“The initiative aligns with Maybank’s five-year ROAR30 strategy, including efforts to make banking more efficient and accessible, particularly for small and medium enterprises,” he said.
Maybank’s investment in tokenisation forms part of the group’s plan to invest RM10 billion, equivalent to S$3.2 billion, in technology, data and artificial intelligence over five years.
The move follows earlier tokenisation projects involving Maybank in ASEAN.
These include its role in anchoring the inaugural tokenised sukuk issued by Malaysian sovereign wealth fund Khazanah Nasional Bhd.
Maybank also completed the first on-chain Malaysian ringgit-Singapore dollar foreign exchange conversion and realtime cross-border payment for Yinson Holdings Bhd under Bank Negara Malaysia’s Digital Asset Innovation Hub.
