Swiss multinational investment bank UBS has entered a strategic partnership with Ant International, a Singapore-based digital payment firm, to explore innovations in blockchain-based tokenized deposits to support Ant International’s global payments settlement and liquidity management.
The duo said in a statement on Monday that have signed a memorandum of understanding (MoU) and under the MoU, Ant International will leverage UBS Digital Cash, a blockchain-based payment platform piloted in 2024.
UBS Digital Cash will support Ant International’s global treasury operations with blockchain-based payments that enable greater efficiency, transparency and security, while UBS applies this expertise to enhance cross-border payment solutions for its clients.
The two companies will also explore joint innovations in tokenized deposits.
The connected solution will include Ant´s proprietary blockchain-based Whale platform, an internal next-generation treasury management solution.
The connected solution serves to enable real-time, multi-currency fund flows between Ant International’s entities in a transparent manner, unconstrained by traditional payment
cut-off times for better global liquidity management.
“This collaboration with Ant International builds on the momentum of our UBS Digital Cash pilot launch last year,
“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,” said Young Jin Yee, Co-Head UBS Global Wealth Management Asia Pacific and Country Head UBS Singapore.
She added this partnership underscores the firm’s commitment to empowering its clients with best-in-class platforms and providing them with greater access to global financial markets.
Meanwhile, Kelvin Li, Global Manager of Platform Tech at Ant International, said they are pleased to partner with UBS, a leading global bank with a proven track record in blockchain innovation.
“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,” he added.
The partnership also reflects UBS and Ant International’s joint focus on innovation and digitalization, reinforcing UBS’s goal of creating greater client value, said the statement.