World’s first Web 3.0 bank to power metaverse
17/03/2022 07:00
For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220317:nRSQ0573Fa&default-theme=true
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 (https://tintra.com/) 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 (https://tintra.com) .
ENDS
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
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END UPDFQLLFLXLFBBB