UBS Group AG and Ant International entered into a memorandum of understanding on November 17, 2025 to jointly explore tokenized deposit solutions that would enable real‑time, multi‑currency fund flows for global payments settlement and liquidity management. The collaboration will combine UBS’s Digital Cash platform, which was piloted in 2024, with Ant’s Whale treasury‑management platform, creating a permissioned blockchain ecosystem that can process transactions 24/7 and reduce traditional cut‑off times.
For UBS, the partnership expands its digital‑asset footprint and reinforces its broader focus on technology innovation. By leveraging its own blockchain expertise, UBS can offer a new class of deposit products that blend the regulatory certainty of bank deposits with the programmability of digital assets, positioning the bank as a leader in the emerging tokenized‑deposit market. The move also supports UBS’s strategy to deepen its presence in Asia, where Ant International has a strong footprint.
Ant International benefits by integrating its Whale platform with a global bank’s infrastructure, enhancing its treasury operations and solidifying its reputation as a pioneer in tokenized deposit solutions. The partnership also gives Ant access to UBS’s extensive client base and cross‑border payment network, enabling the company to scale its technology across a wider range of institutional customers. Ant’s experience partnering with other banks—such as HSBC, Standard Chartered, and DBS—provides a proven track record that underpins the collaboration’s credibility.
The technical architecture of the joint solution will allow instant settlement of tokenized deposits across multiple currencies, eliminating the need for manual reconciliation and reducing settlement risk. UBS Digital Cash, a permissioned blockchain designed for wholesale use, will provide the underlying ledger, while Ant’s Whale platform will handle treasury management functions such as liquidity forecasting and regulatory reporting. Together, the platforms aim to deliver a seamless, end‑to‑end experience for corporate clients seeking faster, more transparent cross‑border payments.
The partnership comes at a time when regulators are increasingly exploring tokenized bank deposits. Singapore’s sandbox program, for example, has been a testing ground for similar initiatives, and many jurisdictions are showing a preference for tokenized deposits over stablecoins due to their traditional deposit protections. The collaboration also aligns with a broader industry trend, as several major banks are partnering with fintechs to develop blockchain‑based payment solutions that can compete with traditional correspondent banking networks.
"This collaboration with Ant International builds on the momentum of our Digital Cash pilot launch last year," said Young Jin Yee, Co‑Head of UBS Global Wealth Management Asia Pacific and Country Head of UBS Singapore. "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 new standards for transparency and efficiency." Kelvin Li, General Manager of Platform Tech at Ant International, added, "We share a common belief in the potential of these technologies to transform cross‑border payments and look forward to driving greater impact together through UBS’s global expertise and support."
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