Tintra PLC Application for a Puerto Rico IFE Licence (2749Q)
26 Octubre 2021 - 3:30AM
UK Regulatory
TIDMTNT
RNS Number : 2749Q
Tintra PLC
26 October 2021
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT)
REGULATIONS 2019/310.
26 October 2021
TINTRA PLC
("Tintra", the "Group" or the "Company")
Application for a Puerto Rico IFE Licence
On 30 July 2021 the Company set out some outline detail of its
strategy to obtain relevant regulatory approvals to enable it to
build banking infrastructure using artificial intelligence
technology focused on emerging markets, where it has identified a
market need and commercial gap.
The Company has previously announced positions in relation to a
potential acquisition of an Electronic Money Institution licence in
the UK, along with its application for a full banking licence in
the Qatar Financial Centre.
In addition to this the Company had previously stated that two
other jurisdictions were being considered as part of its strategy
and it is pleased to report that it is now at the pre-application
stage for an IFE (International Financial Entity) Licence in Puerto
Rico ("IFE").
A Puerto Rican IFE will provide the Company with direct access
to the New York Federal Reserve, allow the Group to offer banking
services to international (non-Puerto Rican resident) clients and
will act as the Company's pivot between Latin America, the US &
Europe.
Tintra CEO, Richard Shearer, commented, "Many players in the
fintech space are solving part of the emerging market problem, some
of them very well. None are solving the whole problem. We strongly
believe that we are able to pull these parts together and I would
hope that with this announcement our strategy becomes even
clearer.
Just as we determined that Qatar provides us with the best
regional access to Africa & MENA, our analysis and experience
informs us that Puerto Rico does the same thing for Central &
Latin America. Other options were considered and rejected for
various reasons. An IFE is a full banking licence in all ways for
non-Puerto Rican individuals and companies. As such having direct
access to the New York Fed will mean we can provide clearing
facilities for major partners across the world in United States
Dollars, a not insignificant step.
We have advanced this materially and our advisors are confident
we will see an active Tintra IFE during 2022 with a first draft of
the application being submitted next month."
For further information, contact:
Tintra PLC
Richard Shearer, CEO
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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END
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