PANews reported on November 9 that UBS said it has successfully piloted a blockchain-based payment system called UBS Digital Cash, which aims to improve the efficiency of cross-border transactions.

UBS said in a statement that transactions with multinational clients and banks were conducted during the pilot, including domestic transactions in Switzerland and cross-border payments in U.S. dollars, Swiss francs, euros and Chinese yuan. It is reported that UBS plans to further expand and develop UBS Digital Cash, which uses a private blockchain network and is currently only accessible to authorized customers.