German Bank Partners With Singapore Fintech Consortium on Blockchain

Ten31, the FinTech arm of Germany’s WEG Bank, has partnered with Singaporean technology incubator, Anquan Capital.

While the entities have yet to detail the specific projects they’ll work together on, a press release announced that the partnership will involve exploring blockchain applications within the context of banking and financial services.

Anquan Capital has launched a number of distributed ledger technology, or DLT, firms, including Zilliqa and Anqlave. 

Ten31 chief executive, Matthias von Hauff, stated:

“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.”

Ten31 and Anquan to target custody sector

The collaboration appears poised to see WEG’s Ten31 provide digital asset custody services for Anquan affiliates — with Anqlave offering custody solutions to enterprise clients.

The press release states that “it is expected, for example, that the legal framework for crypto storage that has been in place since early 2020 will play a role, adding:

“TEN31 has positioned itself accordingly at an early stage and secured permission under the grandfathering rule of the German banking code.”

WEG Bank is also licensed to provide crypto trading and custody services from Estonia, having secured licensing during August 2019 through its sister company, WEG Blocklink OÜ.

Blockchain penetrates daily life

Anquan CEO, Max Kantelia, stated: “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,”