Tintra PLC Update on AI Joint Venture (9909O)
13 Octubre 2021 - 9:30AM
UK Regulatory
TIDMTNT
RNS Number : 9909O
Tintra PLC
13 October 2021
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT)
REGULATIONS 2019/310.
13 October 2021
TINTRA PLC
("Tintra", the "Group" or the "Company")
Update on AI Joint Venture
Further to the announcement of 8 October 2021, the board of
directors of Tintra (the "Board") is pleased to provide an update
on the proposed artificial intelligence ("AI") joint venture (the
"JV"). The previously announced heads of terms have been expanded
through a memorandum of understanding that has been agreed today
(the "MoU").
Tintra has entered into the MoU with London-based Time Machine
Capital 2 Limited ("TMC2"), a specialised AI investment and
research business focused on applied AI in the financial services
markets and its affiliate, the award-winning Fintech, Finsenr
Limited ("Finsenr"). TMC2 is backed by the award-winning team that
founded Mashtraxx, the AI engine behind a multi-billion-dollar
US-based social media platform.
Tintra is building banking and infrastructure technology systems
that are focused on frontier and emerging markets, which it
believes are underserved by today's environment. Tintra is creating
an open, integrated banking capability that will provide software
as a service ("SaaS") to its clients sitting on its own global
banking platform, using scalable infrastructure and application
programming interface ("API") innovation.
Finsensr, founded by TMC2 and is the winner of the international
FinSim 2020 competition, specialises in the automated learning of
effective and precise semantic models in the financial sector.
Finsensr's key areas of expertise include Natural Language
Processing ("NLP"), Machine Learning ("ML"), and AI.
Gary Wright, Finsenr's lead advisor on this project said,
"Tintra is establishing itself as a leader in a challenging, yet
extremely valuable space within the global financial market. Its
desire to create best practices in markets where conventional
know-your-customer ("KYC") and anti-money-laundering ("AML") data
standards lack cultural applicability presents a significant and
unique opportunity for the use of advanced data and technology
capabilities."
Richard Shearer, Tintra's CEO added "In many ways Tintra
represents a cultural API, a bridge from the emerging markets to
the current international banking hierarchy. Trying to solve
emerging market problems with western myopic thinking is clearly
not solving the problem in its entirety. Our aim is to level the
playing field and we strongly believe that the holy grail in the
space is the automation of KYC/AML and bringing NLP/ML & AI to
the forefront of the space. Fintechs use a lot of tech to solve the
UX (user experience) but not enough to solve the real problem of
compliance."
Utilisation of the AI software that is planned to be developed
under the MoU is planned to be a core element of the Company's
strategy for delivering regulated payment services in a number of
jurisdictions. The Company plans to raise further capital for its
plans which include the acquisition of or application for multiple
banking or payment licenses in target geographies, as well as
potential acquisitions of fintech companies to accelerate the
execution of its vision. The Board will make a further update on
the JV once the final agreement is concluded.
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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