UBS has entered a strategic partnership with Ant International to develop blockchain-based tokenised deposit innovations that could enhance Ant’s global payments settlement and liquidity operations.
The agreement was formalised in a memorandum of understanding signed at UBS’s flagship Penang Road office in Singapore.
“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.
“This partnership underscores our commitment to empowering our clients with best-in-class platforms and providing them with greater access to global financial markets.”
Under the MoU, Ant International will tap UBS’s blockchain-based UBS Digital Cash platform, piloted in 2024, to support its global treasury operations.
The system will facilitate blockchain-enabled payments, while UBS uses the partnership to further develop its cross-border payment capabilities for clients.
“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 manager of platform tech at Ant International.
The two companies will also explore joint innovations in tokenised deposits, underscoring their shared focus on digitalisation and reinforcing UBS’s push to deliver greater value for clients.
