BLOOM (Borderless, Liquid, Open, Online, Multi-currency) builds upon the groundwork established through Project Orchid , which explored use cases for a digital Singapore dollar and the infrastructure required to support it. Insights from various trials have culminated in industry reports, and participating financial institutions have translated their learnings into market-ready commercial offerings.
BLOOM aims to strengthen the financial infrastructure capabilities of Singapore's financial centre. It will enable the use of settlement assets such as tokenised forms of commercial bank money and stablecoins that meet regulatory expectations.
Objectives
Through BLOOM, MAS will collaborate with the financial industry to address challenges and opportunities of common interest and will encompass the following:
- Multiple currencies: Use of G10 and Asian currencies.
- Domestic and cross-border payments: Cross-border payments and settlement.
- Wholesale use cases: Examples include corporate treasury management, trade finance and agentic payments.
Focus Areas
- Distribution and clearing of settlement assets. The aim is to coordinate disparate networks and enable the seamless use, transfer and redemption of different forms of settlement assets.
- Programmable controls to enhance and automate compliance checks. The use of standardised mechanisms for compliance checks, enable more consistency in implementations and lower cost of compliance. This will enable more cost-effective cross-border wholesale settlement arrangements.
- Agentic payments for seamless and automated transactions. This will explore the use of AI agents that execute transactions automatically within pre-defined limits and conditions. This seeks to reduce the burden of managing payments manually and optimise costs by timing transfers to when conditions are most favourable.
Expression of Interest
Entities can express their interest in this form .
- Financial institutions, industry partners and fellow regulatory bodies that are keen to collaborate and advance BLOOM's objectives.
- Banks, financial institutions, clearing and settlement network operators that are keen to conduct trials under BLOOM, including the use of public blockchains.
Members
- Anchorage Digital
- Ant International
- Circle
- Coinbase
- DBS
- J.P. Morgan
- Kasikorn Bank
- OCBC
- Partior
- Ripple
- Schroders
- Standard Chartered
- StraitsX
- Stripe
- Temasek
- UOB
- Xweave
Important Note
Members of the public should note that:
- MAS and companies participating in MAS’ initiatives will not ask for your personal banking information, security login credentials or private keys to digital wallets.
- MAS advises the public to be alert and wary of unsolicited calls or messaging which offer deals that seem too good to be true; request personal information; give instructions to transfer funds to a third party account or offer investments into projects.
If you encounter any suspected scams related to digital assets involving MAS, please DO NOT transfer any funds, and report the matter to MAS.
For impersonation scams involving institutions regulated by MAS or phishing scams, please make a police report via the Police Hotline at 1800-255-0000, or submit it online at www.police.gov.sg/i-witness .