According to online reports, 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 customers and banks were conducted during the pilot, including domestic transactions in Switzerland and cross-border payments in U.S. dollars, Swiss francs, euros and RMB. UBS plans to further expand and develop UBS Digital Cash, which is understood to use a private blockchain network and can only be accessed by licensed customers.