UBS has formed a strategic alliance with Ant International to enhance cross-border payments and liquidity management through blockchain technology. This partnership aims to introduce blockchain-based tokenised deposits for improved global payment settlements.
Partnership Details
The two entities formalized their collaboration with a Memorandum of Understanding (MoU) signed at UBS’s headquarters in Singapore. The agreement will allow Ant International to utilize UBS Digital Cash, an innovative blockchain payment platform launched in 2024.
Enhancing Global Payments
UBS Digital Cash will bolster Ant International’s treasury operations by facilitating efficient, transparent, and secure blockchain payments. This cooperation aims to streamline cross-border payment solutions for UBS clients.
Innovative Solutions
- The partnership will explore advancements in tokenised deposits.
- It will integrate Ant International’s Whale platform, which is a state-of-the-art treasury management system.
- This combined system will allow real-time, multi-currency fund transfers among Ant’s global entities.
Comments from Leadership
Younger Jin Yee, Co-Head of UBS Global Wealth Management Asia Pacific, emphasized the partnership’s role in advancing UBS’s Digital Cash pilot. He highlighted the collaboration’s potential to establish benchmarks in payment efficiency and transparency.
Kelvin Li, Global Manager of Platform Tech at Ant International, expressed enthusiasm for the partnership. He noted both companies’ commitment to leveraging blockchain technology to revolutionize cross-border payments.
Conclusion
This partnership between UBS and Ant International signifies a strong focus on innovation and digitalization. It aims to create enhanced value for clients, driving forward the future of global finance.
