Ant International, the Singapore-based spin-off of Chinese fintech giant Ant Group, is stepping up its global treasury operations through a strategic partnership with Swiss bank UBS, as both companies also seek to explore innovations in blockchain-based tokenised deposits.
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Under a memorandum of understanding signed at UBS’ Singapore offices, Ant International will use UBS Digital Cash – a blockchain-based payments platform launched last year – for its global treasury operations to enhance efficiency, transparency and security, the two companies said on Monday.
The partnership would also explore joint innovations in tokenised deposits, including a “connected solution” that would involve Ant’s proprietary blockchain-based Whale platform – its internal 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 manager of platform tech at Ant International, in a statement.
Hangzhou-based Ant Group is an affiliate of Alibaba Group Holding, owner of the South China Morning Post.
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The strategic partnership between UBS and Ant International comes as financial institutions increasingly adopt blockchain technology to enhance cross-border payment solutions for their clients.
