The WEG Bank of Germany engaged in a strategic partnership with the Singapore-based giant tech firm Anquan Capital. The Fintech-focused subsidiary arm of WEG bank, Ten31, aims to fabricate the financial services using the blockchain technology.
Innovation in Banking Sector
Per the press release, both companies join hands to navigate how blockchain solutions could help in banking and matters of financial institutions. Moreover, the partnership will further explore the DLT potential to accelerate the digital transformation of the financial world.
Matthias von Hauff, the CEO of Ten31, said:
“With Anquan as a shareholder, we have added yet another ideal partner to our network. Not only do we benefit from their excellent technologies, but we also secure a spearhead in the Asian region in the long term.”
As a parent company, Anquan Capital has introduced prominent Fintech companies such as Anqlave, Zilliqa, and Aqilliz. Zilliqa is a revolutionary blockchain project offering blockchain solutions for applications as well as companies.
Digital Assets Custody
It seems that the collaboration still has another plan in which Ten31 will provide digital assets custody services to Anquan affiliates. While on the other hand, Anqlave will provide custody solutions to potential institutional clients.
The press release states:
“It is expected, for example, that the legal framework for crypto storage that has been in place since early 2020 will play a role… TEN31 has positioned itself accordingly at an early stage and secured permission under the grandfathering rule of the German banking code.”
WEG Bank has already attained the license of digital assets custody and cryptocurrency trading services in August 2019 via its subsidiary firm WEG Blocklink OÜ.
Max Kantelia, the CEO of Anquan, said:
“Today, we can see blockchain creeping from the fringes of a technology sector that few understand, and into our daily lives. It is a perfect time to collaborate with TEN31 to explore how unlocking the potential of DLT technologies could accelerate digital transformation and revolutionise finance for everybody.”