CONNECT WITH US
Fintech

Fintech

Visa, Nium Pilot Stablecoin Settlements Beyond Business Days Under MAS’ BLOOM

Fintech News Singapore logo

Published on

Add as a preferred source on Google
Visa, Nium Pilot Stablecoin Settlements Beyond Business Days Under MAS’ BLOOM

Visa is working with Nium to explore seven-day stablecoin settlement through Singapore’s BLOOM initiative.

Led by the Monetary Authority of Singapore (MAS), BLOOM stands for Borderless, Liquid, Open, Online and Multi-currency.

It brings together financial institutions and other industry participants to test faster and more programmable cross-border payments.

Maybank Singapore also recently joined BLOOM to help develop common standards and infrastructure for tokenised cross-border payments.

Nium is Visa’s first pilot partner under BLOOM. Payment settlements typically take place on business days, but the companies will explore settlement on weekends and public holidays.

The pilot will use regulated stablecoins backed by major currencies, including the US dollar and euro, alongside Visa’s payment network and compliance systems.

The companies aim to reduce delays and give participating financial institutions faster access to funds.

“Through BLOOM and our pilot with Nium in Singapore, we are exploring how stablecoins can complement existing payment infrastructure, enabling greater flexibility in settlement while preserving the security, resilience and compliance standards that underpin global commerce.”

“This pilot with Visa under BLOOM is a meaningful step in our partnership to shape the next phase of payments in the region.

We’re building foundational infrastructure for seamless interoperability between traditional and stablecoin-based rails. This convergence is not only inevitable, it’s essential.”

Featured image: Edited by Fintech News Singapore, based on image by thanyakij-12 via Magnific

The post Visa, Nium Pilot Stablecoin Settlements Beyond Business Days Under MAS’ BLOOM appeared first on Fintech Singapore.



Source link
Related Topics:Fintech

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We TheMorningPulse.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It's possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.