Ten31, the FinTech division of the German WEG, works with Anquan Capital, a Singapore-based technology incubator.
Although organizations have not yet identified specific projects they will work on together, a press release announced that the partnership will include exploring blockchain applications in the context of banking and financial services.
Anquan Capital has launched a number of large distributed technologies, or DLT companies, including Zilliqa and Anqlave.
Ten31 CEO Matthias von Hof said:
“With Anquan as a shareholder, we added another perfect partner to our network. We not only benefit from their superior technology, but we also offer an advantage in the Asian region in the long run.”
Ten31 and Anquan target storage sector
The collaboration seems to show that Ten31 WEG offers digital storage services for branch offices in Anquan – with Anqlave providing solutions for corporate clients.
“For example, the legal framework for coding storage, which has been in place since the beginning of 2020, is expected to play a role, adding:
“TEN31 later established itself at an early stage and obtained permission according to the grandfather's rule in German bank law,” he added.
WEG Bank also has licenses to provide cryptocurrency and storage services in Estonia after receiving a license in August 2019 through its subsidiary WEG Blocklink OÜ.
Blockchain enters everyday
“Today we see a series of blocks sneaking from the edge of the technology sector, which only a few people understand, in our daily lives,” said Anquan Max Cantelia CEO.
“This is the perfect time to partner with TEN31 to explore how unleashing the potential of DLT technology can accelerate digital transformation and revolutionize financing for all.”