Ant International Partners with UBS Group to Deploy UBS Digital Cash
According to a memorandum signed in Singapore, Ant International and UBS will enhance global treasury operations using blockchain-based UBS Digital Cash and explore tokenized deposits via Ant’s Whale platform.
Summary
Ant International and UBS Group AG have signed a memorandum of understanding at UBS’s Singapore office to strengthen global treasury operations and develop blockchain-based tokenized deposits. The partnership will integrate Ant’s Whale platform with UBS Digital Cash to increase operational efficiency, transparency, and security. Besides improving cross-border fund management, the collaboration will research tokenized deposit applications, aiming to speed up international settlements.
Terms & Concepts
- UBS Digital Cash: A blockchain-based token representing cash deposits at UBS, designed for instant and secure transactions.
- Tokenized Deposits: Deposits represented as digital tokens on a blockchain, enabling faster settlement and enhanced security.
- Whale Blockchain System: Ant International’s internal blockchain-based platform for managing company funds, designed to increase transparency and control.