PANews reported on November 17 that, according to the South China Morning Post, Singapore-based Ant International (a spin-off of Ant Group) is accelerating its global cash management business through a strategic partnership with UBS Group AG, while the two companies also hope to explore blockchain-based tokenized deposit innovations.

The two companies said Monday that, according to a memorandum of understanding signed at UBS's Singapore office, Ant International will use UBS Digital Cash, its blockchain payment platform launched last year, for global fund management operations to improve efficiency, transparency, and security. The collaboration will also explore joint innovation in tokenized deposits, including an interconnected solution involving Ant's self-developed blockchain-based Whale platform—its internal fund management system.