Tintra subsidiary granted Mauritius Payment Intermediary Services License
By Edlyn Cardoza
The board of directors of Tintra recently announced that its wholly-owned subsidiary, Tintra Payments Limited, has been granted permission to commence business under its Payment Intermediary Services License from the Mauritius Financial Services Commission. This allows TPM to operate as an online Payment Service Provider, covering the provision of payment services and online merchant services for accepting electronic payments by various methods, including credit card, bank-based payments such as direct debit, bank transfer, and real-time transfer based on online banking.
Mauritius has become an important financial services hub for Africa and South Asia, and the Board views the approval of TPM to commence operations as an important step in the development of its Web 3.0 Banking strategy. TPM, a Mauritian incorporated company, is currently finalising its name change from Oyster Payment Services, a brand that the Company used when forming the original vehicle that was never activated in 2018.
To more closely align with the Company’s strategy, the name of the Group’s AI Joint Venture vehicle that houses its relationship with TMC2, which was announced on 24 November 2021, has changed from Finsensr Ltd to Tintra 3.0 Ltd.
Richard Shearer, Tintra CEO, said, “This is the latest spoke in the hub and spoke financial model we are building. I look forward to further announcements in this regard in other territories around the world in the fullness of time.”
“A number of conversations are underway globally with strategic jurisdictions, such as Mauritius, that align with our road map and strategy. Simultaneously, this will allow us the scope to execute on our philosophy of building relationships with partners and territories that share our view that fiscal inclusion is a right, not a privilege,” said Shearer.
He continued, “The previously announced hubs of our emerging market clearing bank network, namely, the UK, Qatar and Puerto Rico, will be supported by ancillary e-licenses such as the license announced here, which is the result of a lot of work to create future value from an underutilised legacy Company asset. This license will bridge currencies and territories utlilising our innovative artificial intelligence-led compliance, that we fully expect will lead the world in eroding financial friction as we build a Web3 bank that is truly beyond borders, politics and geography.”