UBS announced that its Singapore arm has signed an agreement with Ant International for the Asian payments firm to use UBS Digital Cash, the bank’s tokenized deposit solution. Ant International, recently spun off from Ant Group, offers Alipay+, a merchant solution that connects digital wallets globally. Ant has several collaborations with banks for tokenized deposits to enable instant, round-the-clock money movement between group companies globally. It integrates the tokenized deposits with Ant Whale, its blockchain-based treasury solution.
“By combining our expertise in digital assets 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, Co-Head UBS Global Wealth Management Asia Pacific and Country Head UBS Singapore. This refers to UBS’s issuance of the uMINT money market fund and tokenized gold. Together UBS and Ant International will explore other innovations involving tokenized deposits.
For the 12 months to mid 2025, Ant International’s treasury department processed more than $1 trillion of payments, using its blockchain platform for a third of them. Depending on the use case, Ant estimates the blockchain platform delivers savings of 30% to 60% in liquidity and FX costs. To date it has worked with ten international banks that support tokenized deposits. Ant International is also exploring using internal stablecoins through its Luxembourg subsidiary.
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