Details of the TokenPay Partnership with WEG Bank AG in Germany
Deal Officially Closed, Shares Transferred, Timing in line with Whitepaper Roadmap Projections
Today we are announcing that we have officially closed a deal with WEG Bank AG, located in Germany. WEG Bank has also made an announcement of the partnership on its website. Share certificates representing 9.9% of the equity interest in WEG Bank AG have been transferred to TokenPay Swiss AG, along with options to acquire an additional 80.1% of the bank upon customary regulatory approval. The proceeds of this transaction were derived from our December 2017 token sale. As outlined in our Whitepaper roadmap we have completed this partnership during Q2 2018, in line with our November 2017 projections.
As discussed on April 8th in one of our bank deal updates, it is important to understand the history of this deal. We were approached by WEG Bank in December 2017. The bank has an interest in offering FinTech solutions that will align itself with the new economy, while at the same time continuing to service its existing real estate client base in a traditional fashion. Our leading technology complex is what ultimately afforded us the opportunity to be selected by the bank for this partnership. We feel that the selection of TokenPay is a strong testament to our advanced knowledge and the amazing team that powers our platform.
Lichtenstein Bank Partnership
Furthermore, we have recently been approached by a bank in Lichtenstein offering a similar proposition. Our products and services are in high demand and we intend to fully capitalize on the strong secular tailwind afforded to us by the rapidly growing FinTech industry. We plan to discuss the idea of forming a similar partnership to the one we have formed today with WEG Bank.
Unique Market Opportunity
The details of the transaction with WEG Bank were included in our April 15th Ecosystem Report. As noted, this deal has now been completed. TokenPay Swiss AG has strong legal and financial advocacy, owing to the leadership of Prof. Dr. iur. Jörg E. Wilhelm. As the head of the TokenPay Supervisory Board, Dr. Wilhelm is a highly regarded German and Swiss attorney, professor and businessman with an accomplished background highlighted by decades of financial compliance and corporate governance experience.
Potential FinTech Partner
Additionally, we are also announcing today that we have entered into a non-binding verbal commitment with a potential partner to bring its world renowned technology expertise to the partnership. The details of the deal are covered under the secrecy provisions NDA. However, we expect this deal to close by the end of the month. With the addition of this potential partner and all of its blockchain experience and know-how, we believe that TokenPay can become one of the leading FinTech companies in Europe.
Pre-Register for Early Access
We invite enthusiasts to pre-register for early access to the crypto-friendly FinTech platform we are building. The intention is to offer a full suite of products and services that cater to the new digital economy. Stay informed of new developments as they unfold and be one of the first to have access to our modern FinTech solutions.