Swiss institution UBS has announced a strategic partnership with Singaporean fintech firm Ant International. The collaboration aims to build blockchain-based tokenised deposits to facilitate real-time global payments. This alliance marks a significant milestone in the rapidly transforming digital finance sector in Asia.
At UBS’ Singapore head office, both companies signed a Memorandum of Understanding to delve into blockchain solutions. These solutions aim to upgrade cross-border settlements and liquidity management for Ant International’s global treasury functions.
As per the details released on Monday, Ant International plans to utilize UBS Digital Cash, a blockchain payment platform launched in 2024. The platform is designed to expedite, streamline and secure settlement procedures across multiple markets.
A primary focus of this partnership is the examination of tokenised deposits, which will link UBS Digital Cash with Ant International’s proprietary Whale platform. The Whale platform is a next-generation blockchain-based treasury management system.
This combined infrastructure is designed to facilitate real-time cash flows across Ant’s worldwide entities, bypassing traditional cut-off restrictions and enhancing liquidity visibility across various currencies.
Young Jin Yee, co-head of UBS Global Wealth Management Asia Pacific and country head UBS Singapore, stated that the alliance with Ant International builds upon the momentum of UBS Digital Cash’s pilot launch from the previous year. The combined expertise in digital assets and Ant’s progressive blockchain technology would deliver a real-time, multi-currency payment solution that is both transparent and efficient.
The partnership also underscores UBS’s commitment to augmenting client access to global markets via digital innovation.
Kelvin Li, general manager of platform tech at Ant International, expressed excitement about the partnership with UBS, a global bank with a solid reputation for blockchain innovation. Li highlighted the shared belief in the transformative potential of these technologies for cross-border payments, and the anticipation of creating a larger impact together.
This alliance showcases the growing interest in programmable money, tokenised deposits, and real-time settlement infrastructure – areas financial institutions deem critical for the future of cross-border payments.
For banks, businesses, and wealth managers, the opportunity to instantly move liquidity across markets can unveil new heights of capital efficiency, risk management, and treasury automation.
As Asia becomes a global hub for digital-asset experimentation, the UBS-Ant partnership epitomizes the region’s increasing influence.
What is the main goal of the partnership between UBS and Ant International?
The alliance aims to develop blockchain-based tokenised deposits to facilitate real-time global payments.
What is the role of Ant International’s proprietary Whale platform in this partnership?
The Whale platform, a next-generation blockchain-based treasury management system, will be linked with UBS Digital Cash to facilitate real-time cash flows across worldwide entities.
What potential benefits can banks, businesses, and wealth managers expect from this partnership?
They can anticipate new heights of capital efficiency, risk management, and treasury automation, thanks to the ability to instantly move liquidity across markets.
