Under a memorandum of understanding signed at UBS’ Singapore offices, Ant International will use UBS Digital Cash – a blockchain-based payments platform launched last year – for its global treasury operations to enhance efficiency, transparency and security, the two companies said on Monday.

The partnership would also explore joint innovations in tokenised deposits, including a “connected solution” that would involve Ant’s proprietary blockchain-based Whale platform – its internal treasury management solution.

“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,” said Kelvin Li, global manager of platform tech at Ant International, in a statement.

The strategic partnership between UBS and Ant International comes as financial institutions increasingly adopt blockchain technology to enhance cross-border payment solutions for their clients.