UBS Group AG (UBS), a Swiss investment bank and financial services company, on Monday said it has signed a Memorandum of Understanding with Ant International, a digital payment and financial technology solutions provider, to form a strategic partnership to explore innovations in blockchain-based tokenised deposits.
The move aims to support Ant's payment settlement and liquidity management.
Under the MoU, Ant International will adopt the company's Digital Cash, a blockchain-based payment platform piloted in 2024.
The company said that the platform will support Ant's treasury operations by enabling more efficient, transparent and secure blockchain-based payments.
The company will apply the expertise to enhance cross-border payment solutions for its own clients.
The companies will also explore joint innovations in tokenised deposits through Ant's blockchain-based Whale treasury platform, enabling real-time, multi-currency fund flows across its entities without traditional payment cut-off constraints.
On Friday, in the after-hours trading, UBS Group closed trading 1.70% higher at $39.58 on the New York Stock Exchange.
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