UBS has entered a strategic partnership with Ant International to explore blockchain-based tokenised deposits for Ant International’s payments settlement and liquidity management.

The two parties signed a MoU at UBS’s office at 9 Penang Road in Singapore.

Under the MoU, Ant International will use UBS Digital Cash, a blockchain-based payment platform piloted in 2024, to support its global treasury operations.

UBS Digital Cash enables blockchain-based payments designed to improve efficiency, transparency and security.

UBS will apply its expertise to enhance cross-border payment solutions for its clients.

The partnership will also examine joint innovations in tokenised deposits.

The connected solution will integrate Ant’s blockchain-based Whale platform, an internal treasury management system, to allow real-time, multi-currency fund flows across Ant International’s entities, unconstrained by traditional payment cut-off times.

Young Jin Yee, Co-Head UBS Global Wealth Management Asia Pacific and Country Head UBS Singapore, said:

“By combining our expertise in digital assets with Ant’s advanced blockchain technology, we are working together to deliver a real-time, multi-currency payment solution that sets standards for transparency and efficiency.”

Kelvin Li, Global Manager of Platform Tech at Ant International, said:

“We share a common belief in the potential of these technologies to transform cross-border payments and look forward to driving greater impact together through UBS’s global expertise and support.”

Featured image credit: UBS