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3h ago

Ant International, UBS Sign MoU to Bring Digital Cash to Cross-Border Treasury

The partnership launches pilots on tokenized deposits within regulated sandboxes such as Hong Kong’s Project Ensemble.

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At the memorandum of understanding’s signing ceremony in Singapore: (from left) Young Jin Yee, co-head of UBS Global Wealth Management Asia-Pacific and country head for Singapore; Kay Tin Khoo, head of corporate institutional clients Asia-Pacific at UBS; Kelvin Li, general manager of platform tech at Ant International; and Douglas Feagin, president of Ant International. Photo: Handout

Overview

  • Ant International will integrate UBS Digital Cash into its global treasury operations under a memorandum of understanding signed in Singapore.
  • The companies plan to link UBS Digital Cash with Ant’s Whale platform to target real-time, multi-currency liquidity across time zones.
  • UBS Digital Cash, piloted in 2024, is positioned as a bank-grade blockchain payments rail for faster, more transparent settlements.
  • The effort builds on regulated testing, with Ant participating in Project Ensemble and HSBC executing a HK$3.8 million tokenized deposit transfer for Ant.
  • Ant has already connected deposit-token systems from HSBC, Standard Chartered and DBS and reports that over a third of 2024 transactions ran on-chain, while it evaluates stablecoin licensing without pursuing speculative crypto activity.