Maybank Singapore announced Thursday its participation in the Monetary Authority of Singapore’s (MAS) BLOOM initiative, reinforcing its commitment to advancing next-generation, best-in-class cross-border payments and transaction banking infrastructure.
BLOOM — Borderless, Liquid, Open, Online, Multi-currency — is an industry initiative that seeks to enhance cross-border settlement through tokenized bank liabilities and regulated stablecoins, enabling a more interoperable, seamless financial ecosystem, Maybank said in a statement.
This builds on a series of tokenization milestones for Maybank in ASEAN, including its role in anchoring the inaugural tokenized sukuk issuance by Malaysian sovereign wealth fund, Khazanah Nasional Berhad, and in completing the first on-chain Malaysian Ringgit–Singapore Dollar FX conversion and cross-border payment for Yinson Holdings Berhad in real time, under Bank Negara Malaysia’s Digital Asset Innovation Hub.
“Through BLOOM, Maybank 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 fintech players. This aligns with ROAR30, our five-year strategic plan to deliver values-based offerings, making banking more efficient and accessible especially for small and medium enterprises (SMEs),” said Alvin Lee, Country Chief Executive Officer and Chief Executive Officer, Maybank Singapore.
Maybank’s digital investments in tokenization forms part of its ROAR30 commitment to invest MYR 10 billion ($2.45 billion) over five years in technology, data and artificial intelligence (AI).