WEG Bank AG / TEN31 Bank keeps expanding and will now actively offer some of its services such as: deposits, lending and payment transaction services abroad, through the so-called passporting procedure.

Actively offering means that the services can now be advertised in the respective country.
The EU passporting system for banks and financial service providers enables companies that are authorized in one EU or EEA member state to trade freely within other countries with minimum additional approval requirements.

The first country to benefit from this, will be Austria.

Why the choice for Austria?
According to the bank's CEO, Matthias von Hauff, this was the next logical step.
The expansion is attractive on multiple fronts which is not only because of the short distance between the neighbour countries and the non-existent language barrier, but also because of the similar legal situations particularly within the area of apartment ownership. Therefore, the real estate side of WEG Bank will benefit first. An expansion on current cooperation with partner Salamantex GmbH would also be in the foreseeable future.

WEG Bank AG is a specialist bank for the housing industry in Germany with its headquarters in Ottobrunn and primarily focuses on apartment owners' associations (WEGs) and property management companies in Germany.
It grants loans for renovation and rehabilitation measures and at the same time it accepts deposits from WEGs. A new business area is the funding generation succession in management companies, which is urgently demanding demographic development.

WEG Bank also unites its FinTech activities under the brand name TEN31, which focuses in particular on blockchain-based applications.
TEN31 has been actively supporting start-ups and companies from the FinTech and crypto industry since medio 2019. This is reflected both in the innovative product portfolio (such as offering special corporate accounts) and in the selection of shareholders, which also includes the Litecoin Foundation. Other well-known figures from the crypto scene recognized the potential early on and also joined the company.

What plans is WEG Bank pursuing?

The WEG Bank side is primarily about lending. The real estate and housing industry in Austria has similar framework conditions to German legislation. WEG Bank AG will now also be concentrating on the market for lending to WEGs in Austria.

What plans does TEN31 Bank have?

The expansion on the range of additional services is currently still being worked on and will be announced after the FMA* has given its approval.
The bank cannot provide any information on this due to regulatory reasons.
*FMA: Finanzmarktaufsichtsbehörde / Authority financial markets

In addition to offering commercial accounts, what can be named is settlement banking, which will soon play a key role. A separate announcement from the bank will be send promptly.

Despite the adversity of the current Covid-19 crisis, the bank remains on course for growth. Both with expanding the partner network and its customer base.
This also includes expanding the workforce.
The bank is currently looking for committed employees to join their marketing team.

WEG Bank AG / TEN31 Bank
Matthias von Hauff
info@weg-bank.de
info@ten31.com
+49 (0) 89 809 1346 0