Granting of Middle East Licence
14/09/2022 10:30
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RNS Number : 4420Z Tintra PLC 14 September 2022
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION
11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310.
14 September 2022
TINTRA PLC
("Tintra", the "Group" or the "Company")
Granting of Middle East Licence
The board of directors (the "Board") of Tintra (https://tintra.com/) , the
rapidly innovating Deep Tech & Banking business, is delighted to announce
that it has gained the first of a number of required approvals in Qatar as it
tracks toward its banking licence.
The Company was today awarded a Fintech Services Licence (the "Licence") to
operate in the Qatar Financial Centre ("QFC"). The QFC is an onshore
business and financial centre that allows companies to operate in Qatar and
the wider Middle East region within a legal and tax environment aligned to
international standards.
The Licence, awarded to Tintra Middle East LLC, a wholly owned subsidiary of
the Company, allows the Company to immediately commence the mobilization of an
office in Doha and the hiring process of an initial 12-15 regulated and
unregulated positions as the Company builds out a full team in the territory.
The Licence is a foundational hub element of the "hub and spoke" strategy
outlined in the Company's recently published Annual Report
(https://tintra.com/investor-relations/annual-accounts/
(https://tintra.com/investor-relations/annual-accounts/) ), in which the
Company is to establish regulated banking operations in key regions from which
to build the World's first emerging market focused clearing bank built upon
Web3 principles.
This licence allows the Company to put in place the right team, made up of
both local and international staff, and at the same time commence the
regionally specific movement of Intellectual Property and technology. Once
this is completed to the regulators satisfaction upgrades to the Licence will
be made towards the full banking operation.
It is anticipated that the first of these amendments will be issued in around
6 months once this initial mobilization has been completed, in line with the
Regulated Business Plan, that has been submitted.
Richard Shearer, the Company's Chief Executive, said "We continue to move at a
pace that I think few others can.
This award, coupled with the announcement earlier today of our partnership
with Temenos to build out our banking core cements our intentions but more
importantly, in my view, our ability to perform against the high benchmarks we
set ourselves and the, what may appear at times, bold claims we are making.
By setting ourselves these goals in public, and then going on to achieve them,
I hope the market can start to see that not only when we say something we mean
it, but that our execution abilities match our vision.
We really are building a culturally aware artificial intelligence that will
radically shift emerging market world banking on its axis by deploying
Artificial Intelligence to make Real Change™ and for the first time building
compliance whose baseline is to establish financial innocence rather than
simply pursue financial guilt. By doing this we will begin, or at least be a
small piece of, the long road to establishing true fiscal inclusion across
the world.
I would like to take this opportunity to thank the QFC for taking the time and
effort to understand the model outlined in our Regulated Bank Business Plan.
I would further like to thank Sharq Law Firm for the guidance and support we
have received, which has been invaluable."
For further information, contact:
Tintra PLC 020 3795 0421
(Communications Head)
Hannah Haffield
h.haffield@tintra.com
Website www.tintra.com
Allenby Capital Limited 020 3328 5656
(Nomad, Financial Adviser & Broker)
John Depasquale / Nick Harriss / Vivek Bhardwaj
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