A German bank is partnering with a Singapore fintech blockchain consortium

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

Although the companies have not yet described in detail the specific projects they will work on together, a press release said the partnership would include a study of blockchain applications in the context of banking and financial services.

Anquan Capital has launched a number of DLT companies, including Zilliqa and Anqlave.

Ten31 CEO Matthias von Hauff said:

“With Anquan as a shareholder, we have added another ideal partner to our network. We not only take advantage of their excellent technology, but also provide a headliner in the Asian region in the long run. “

Ten31 and Anquan to focus on the custody sector

This partnership aims to see how WEG Ten31 provides digital asset custody services to Anquan affiliates – with Anglave offering custodial solutions for corporate clients.

The press release states that ‘the legal framework for crypto-custody, which was established in early 2020, is expected to play its role’.

“TEN31 positioned itself correctly at an early stage and obtained a permit under the rules of German banking law.”

WEG Bank is also licensed to provide cryptocurrency trading and custody services from Estonia, securing the licensing in August 2019 through its subsidiary WEG Blocklink OÜ.

Blockchain enters everyday life

Anquan CEO Max Cantelia also said: “Today we can see a blockchain creeping from the periphery of the technology sector into our daily lives, which few understand.”

“It’s an ideal time to work with Ten31 to explore how unlocking the potential of DLT can accelerate digital transformation and revolutionize funding for all.”