TIDMTNT
RNS Number : 0573F
Tintra PLC
17 March 2022
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT)
REGULATIONS 2019/310.
17 March 2022
TINTRA PLC
("Tintra", the "Group" or the "Company")
RegTech firm Tintra PLC announces world's first Web 3.0 bank to
power metaverse
The board of directors (the "Board") of fast-growth RegTech
business, Tintra PLC announces the next stage of its strategy,
previously set out in the announcement of 4 November 2021 (the
"Announcement") - the development of what the Board believes to be
the world's first built for purpose Web 3.0 banking platform (the
"Platform"), to expand its already-extensive technological
capabilities, through to the launch of of an equally innovative
fully functional metaverse bank.
Though many incumbent and legacy banks are currently opening
lounges and branches in the metaverse via platforms like
Decentraland, Tintra intends to create the first bank capable of
functioning operationally within the digital realm of the
metaverse. This logical progression in strategy is something the
Board believes sits within the timing and wider elements set out in
the Announcement.
Tintra's revolutionary "borderless" approach will introduce a
financial and regulatory infrastructure built solidly upon Web 3.0
technologies and concepts, including metaverse and blockchain
interoperability, transparency by utilising dataless cryptographic
mechanisms, and blockchain-based verification. While the Platform
will develop over time, along with these Web 3.0 technologies and
concepts, it is being built on a "clean-sheet" basis rather than
bolting such elements on to legacy platforms. Tintra's
infrastructure will be fully compliant with current regulation,
apply artificial intelligence to enhance the KYC/AML framework but
include in built latency elements that the Board believes will give
the business a competitive edge as the world moves into a Web 3.0
environment.
Tintra's infrastructure will not only enable financial and
regulatory communication layers between currently siloed metaverse
projects, but also provide a bridge to off-chain, traditional
regulatory and financial systems. Alongside providing these
seamless transport and verification mechanisms for inter-chain,
cross-chain and off-chain financial and regulatory activities,
Tintra's technology will enable internal data risk-reduction,
through verifiable "always-on" KYC. In essence, this will enable
seamless transactions in the metaverse between counterparties as if
they were in the real world standing next to each other.
Tintra's "borderless" technologies and IP will be protected by a
suite of trademarks and patents, alongside asset purchases and
infrastructural developments within existing metaverse projects.
The core trademarks and patents are expected to be filed side-by
side with the development of the Platform during the next two
years.
This latest proposed expansion of Tintra's technological
capabilities complement its existing investments in artificial
intelligence ("AI") and machine learning. Building on its
partnership with TMC2, Tintra is continuing to develop end-to-end
AI-driven technologies, designed to allow emerging market financial
institutions to access global banking systems.
The advanced technology the Group is developing is set, in the
Board's view, to revolutionise the regulatory environment and make
access to the global marketplace as seamless in Africa, Latin
America or Asia tomorrow as it is in Europe or the United States
today.
Discussing the vision for Tintra to become the World's first
truly Web 3.0 enabled bank, Group CEO, Richard Shearer, said: "We
have set out to revolutionise how developed market banks interact
with their emerging market counterparts. A lot of the technologies
using artifical intelligence and machine learning that I have
discussed elsewhere have an interconnection with metaverse
thinking. When it comes to the metaverse, it's important to take an
expansive and long-term view of the terrain and its implications -
especially in the context of Web 3.0.
It would be a mistake, for example, to think of the metaverse as
nothing more than a branding exercise from one provider or another.
Instead, I suggest thinking of the metaverse more along the lines
of social media, which isn't a single, homogenous mass, but a
phenomenon that contains a variety of platforms and possibilities,
whether they be Facebook, Twitter, and so on.
By the same token, we anticipate that the metaverse will wear
many faces and fulfil a number of discrete functions in people's
lives driven by Web 3.0 protocols - a primary one being the ability
to transact, which is of course our area of interest. This can be
as painless in the metaverse as it is in real life, as if two
individuals were in a market, souk, or mercado.
As I've discussed elsewhere we are building banking
infrastructure that will allow us to open borders and business
sectors across Asia, Africa and Latin America. Our unique thinking
on this is that the methodology to achieve this is by building
tomorrow's bank and then reverse engineering it back to fit today's
regulatory and fiscal landscape - as opposed to others who, in our
view, are taking a more bottom up approach.
We are already pushing this process of solving the AML/KYC
challenges faced by emerging market individuals and businesses
along rapidly with a number of in-house PhD level brains rethinking
what's possible. Today's announcement is a natural next step along
that same path and I look forward to sharing a lot more in the
coming months on how we are opening up modern physical borders and
at the same time contemplating a banking future beyond borders and
perhaps even into the metaverse ."
For more information, visit tintra.com .
ENDS
For further information, contact:
Tintra PLC
(Communications Head)
Hannah Haffield
h.haffield@tintra.com
Website www.tintra.com 020 3795 0421
Allenby Capital Limited
(Nomad, Financial Adviser & Broker)
John Depasquale / Nick Harriss / Vivek
Bhardwaj 020 3328 5656
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