Tintra PLC firms up banking licence strategy across four continents
By Joy Dumasia
Tintra PLC unveiled plans to secure banking licences across four continents to operate to the highest regulatory standards as it revolutionises the global financial market. Focused on building a socially and fiscally inclusive banking platform that will make access to the worldwide marketplace as seamless in Africa, Latin America, or Asia tomorrow as it is in Europe or the United States today, Tintra is already developing advanced RegTech infrastructure built solidly upon artificial intelligence and machine learning to eliminate bias in global compliance.
In March, the company announced a strategic move of applying for a Small Bank Licence in the UK and EMI authorisation from the FCA to add to the already-announced Qatar and Puerto Rico licences. This month, the fourth piece of the puzzle was announced as Tintra confirmed it had formed a company in Singapore with the intention of hiring a team there to begin the process of understanding the regulatory steps toward a Singapore banking licence application in 2023.
The RegTech business fulfils its model of being a regulation-first technology business, enabling it to move beyond a ‘tech wrapper’ and become a fully operational bank without the challenges and restraints of existing legacy infrastructure.
Richard Shearer, CEO and Founder of Tintra PLC, commented: “At our core, we are building a financial services infrastructure using deeply innovative, patentable, AI & ML technology to solve the problems of compliance in the emerging world that others are not. To do this, we’ve always seen that we want to be regulated at the highest level and ‘be the bank, not just the fintech’ as we discuss internally.
Within the next three months or so, we will be engaged with bank licence applications on three continents, something that I’m immensely proud of the team for undertaking and, by next year, taking that up to four. It means that we are positioning the entire business to operate to the highest regulatory standards by applying the collective requirements set out by these three important global regulators for robust governance, controls, and risk management practices. Where other fintech or regtech businesses can only iterate, Tintra will truly innovate. We are building something game-changing here, and each week brings the vision closer to reality.”
IBS Intelligence recently reported that Tintra PLC, the RegTech firm building a global, borderless banking infrastructure to democratise payments for emerging markets, announced share issue details of the latest receipt of a $2 million private funding round, valuing the company in the private market at least at $100 million.
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