Ant International has joined forces with UBS to power faster, more efficient cross-border payments through the bank’s tokenized deposit platform, UBS Digital Cash.
Key Takeaways
- Ant International will use UBS Digital Cash to streamline global treasury operations using blockchain-based tokenized deposits.
- The partnership aims to eliminate traditional payment delays, enabling real-time, multi-currency fund transfers across Ant’s global entities.
- Tokenized deposits will be integrated with Ant’s Whale platform, which already handles a third of the company’s trillion-dollar transaction volume.
- Singapore’s regulatory environment continues to support institutional blockchain experimentation, reinforcing the partnership’s strategic importance.
What Happened?
UBS and Ant International have signed a Memorandum of Understanding in Singapore to collaborate on real-time, blockchain-based treasury payments. The agreement allows Ant International to use UBS Digital Cash, a tokenized deposit solution designed for institutional banking. The collaboration also involves integrating these deposits into Ant’s Whale platform, the firm’s internal blockchain treasury system, with the goal of cutting costs and speeding up cross-border transactions.
🚨 BREAKING: UBS and Ant International are teaming up to build blockchain-based tokenized deposits.
— Real World Asset Watchlist (@RWAwatchlist_) November 18, 2025
UBS Digital Cash + Ant’s Whale platform will be used to enable real-time, multi-currency liquidity flows and cross-border payments. pic.twitter.com/a9RHEFV7UQ
UBS and Ant Join Forces for Faster Payments
The partnership is a key move to modernize how corporations manage liquidity across borders. Traditionally, intra-group transfers are hampered by inconsistent settlement speeds, cut-off times, and costly currency conversions. By tokenizing deposit liabilities and operating them on permissioned blockchains, Ant and UBS aim to remove these bottlenecks.
According to Young Jin Yee, Co-Head UBS Global Wealth Management Asia Pacific and Country Head UBS Singapore:
Kelvin Li, global manager of platform tech at Ant International, echoed this sentiment, stating:
UBS Digital Cash, first piloted in 2024 with select institutions, is designed as bank-issued digital money for wholesale use, supporting applications in liquidity management and programmable treasury flows. The collaboration with Ant represents one of the most concrete uses of this platform to date.
Blockchain at the Heart of Treasury Transformation
Ant International’s Whale platform has already processed over $1 trillion in transactions over the past year, with about one-third done via blockchain. The firm reports that using blockchain reduces liquidity and FX costs by 30 to 60 percent, depending on the scenario.
This partnership also ties into broader industry initiatives. Ant and its blockchain division, Ant Digital Technologies, are participants in the Hong Kong Monetary Authority’s Project Ensemble, which explores how tokenized bank deposits can settle transactions more efficiently. As part of that initiative, HSBC recently completed a cross-bank tokenized deposit transfer for Ant worth HK$3.8 million.
Additionally, in September, Ant International collaborated with HSBC to launch a tokenized deposit solution for treasury management in Hong Kong, further embedding blockchain across its internal operations.
Singapore’s Role in Institutional Blockchain Growth
This deal further underscores Singapore’s emergence as a hub for blockchain finance. The Monetary Authority of Singapore (MAS) has been proactive in supporting digital finance innovation, with projects like Project Guardian (focused on tokenized funds) and Project Orchid (which tested retail central bank digital currencies).
By formalizing this agreement in Singapore, UBS and Ant are aligning with one of the world’s most progressive environments for institutional blockchain experimentation.
CoinLaw’s Takeaway
In my experience covering blockchain innovation, this partnership between UBS and Ant International stands out because it’s not just talk. They’re already integrating real tokenized money into treasury operations, replacing the clunky old systems that slow down global business. I found it especially interesting how Ant is using its Whale platform to support multi-jurisdiction treasury flows in real time. This is the kind of backend infrastructure shift that could change how large corporations manage money across borders. It’s real, it’s working, and it shows how blockchain is maturing into a practical financial tool.
