Investment bank UBS has entered into a strategic partnership with financial technology company Ant International to explore tokenized deposits for real-time cross-border payments and global liquidity management, marking a notable expansion of the Swiss bank’s blockchain-based digital cash platform.
The two companies signed a Memorandum of Understanding in Singapore, cementing the deal in one of the most active hubs for institutional blockchain experimentation. This move symbolized bank money as a potential replacement for traditional treasury settlement rails, which are still characterized by multi-currency cutoffs, fragmentation and delays.
Ant International, which oversees operations within the broader Alipay+ ecosystem, has announced that it will use UBS Digital Cash to streamline internal transfers of government bonds across jurisdictions.
“We share a common belief in the potential of these technologies to transform cross-border payments and look forward to achieving greater impact together through UBS’ global expertise and support,” said Kelvin Li, Global Manager Platform Tech at Ant International.
Breaking a bottleneck in companies’ treasury activities
The partnership directly addresses one of the biggest bottlenecks in corporate treasury operations: intra-group transfers that rely on existing bank rails. These are subject to limited opening hours and inconsistent settlement speed.
By tokenizing deposit liabilities on approved digital ledgers, institutions will be able to synchronize their liquidity across different subsidiaries in minutes instead of days, a shift that global payment providers have struggled with.
UBS Digital Cash, which piloted with select institutions in 2024, is positioned as bank-issued digital money for wholesale use.
“By combining our digital asset expertise 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, country head of UBS Singapore.
The new partnership is one of the most concrete examples of a major payments infrastructure operation that includes tokenized deposits.
For Ant International, the integration would provide a programmable settlement layer that could support treasury operations in Asia, Europe and the Middle East.
Related: Franklin Templeton brings a tokenized USD money market fund to Hong Kong
Singapore’s emerging role in institutional tokenization
The partnership strengthens Singapore’s growing role in institutional blockchain initiatives.
In 2024, the Monetary Authority of Singapore (MAS) promoted asset tokenization with new frameworks, establishing several projects such as Project Guardian, which focuses on fund tokenization, and Project Orchid, which developed use cases for a central bank digital retail currency.
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