Under a memorandum of understanding signed at UBS’s offices in Singapore, Ant International will use UBS Digital Cash – a blockchain-based payments platform launched last year – for its global treasury operations to improve efficiency, transparency and security, the two companies announced on Monday.
The partnership would also explore joint innovations in tokenized deposits, including a “connected solution” that would involve Ant’s proprietary blockchain-based Whale platform – its in-house treasury management solution.
“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,” said Kelvin Li, global head of platform technology at Ant International, in a statement.
The strategic partnership between UBS and Ant International comes as financial institutions increasingly adopt blockchain technology to improve cross-border payment solutions for their clients.
