Ant Group and UBS Sign Memorandum of Understanding to Cooperate on Blockchain Cross-Border Payment Settlement

November 17th, according to South China Morning Post report, Singapore-based Ant Group International (a spinoff of Ant Group) is accelerating its global asset management business through a strategic partnership with Swiss banking giant UBS Group AG, aiming to explore blockchain-based tokenized deposit innovations.Under a memorandum of understanding signed at UBS's Singapore office, Ant Group International will utilize UBS Digital Cash¡ªan blockchain-based payment platform launched last year¡ªfor its global asset management operations to enhance efficiency, transparency, and security, the two companies announced on Monday.The collaboration will also explore joint innovations in tokenized deposits, including an "interconnected solution" that will involve Ant's in-house blockchain-based Whale platform¡ªits internal treasury management system.