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Ant International recently reached a strategic cooperation with UBS, and both parties are going to do something in the field of Blockchain cross-border payments.
How exactly does it work? Ant International will integrate the UBS Digital Cash payment platform that UBS launched last year for global fund dispatching. This system is said to enable faster cross-border transfers, more transparent accounts, and improved security.
Interestingly, the two companies also plan to research tokenized deposits together. Ant Group will provide its own Blockchain underlying technology to interface with UBS's financial infrastructure to see what sparks may fly.
Traditional banking giants have begun to seriously embrace on-chain payments, which is a significant signal for the entire cross-border settlement sector. After all, the involvement of an institution as large as UBS can help drive the formation of industry standards.