Regtech firm Tintra PLC has revealed plans to acquire banking licenses across four continents, in order to enable it to operate to the “highest” regulatory standards as it aims to enhance the global financial market.
Focused on building a socially and “fiscally inclusive” banking platform that will make access to the marketplace as seamless in Latin America and Asia tomorrow as it is in Europe or the United States, Tintra is focused on developing RegTech infrastructure built upon artificial intelligence and machine learning to eliminate “bias” in compliance.
In March 2022, the firm announced it was applying for a Small Bank License in the United Kingdom, as well as EMI authorization from the Financial Conduct Authority, to add to the Qatar and Puerto Rico licenses.
This month, the fourth piece of the “puzzle” was unveiled as Tintra revealed it had formed a company in Singapore with the goal of recruiting a team there to start the process of understanding the regulatory steps toward a Singapore banking license application during 2023.
In doing so, the Regtech firm aims to ensure that it fulfils its model of being a regulation-first tech company, whilst enabling it to move beyond a ‘tech wrapper’ and become a fully operational bank, without the challenges and restraints of outdated infrastructure.
Richard Shearer, CEO and Founder of Tintra PLC, said:
“At our core we are building a financial services infrastructure using deeply innovative, patentable, AI & ML technology to solve the problems of compliance in the emerging world that others are not. To do this we’ve always seen that we want to be regulated at the highest level and ‘be the bank not just the fintech’ as we discuss internally.
“Within the next three months or so we will be engaged with bank licence applications on three continents – something that I’m immensely proud of the team for undertaking – and by next year taking that up to four. It means that we are positioning the entire business to operate to the highest regulatory standards by applying the collective requirements set out by these three important global regulators for robust governance, controls, and risk management practices. Where other fintech or regtech businesses can only iterate, Tintra will truly innovate. We are building something game-changing here, and each week brings the vision closer to reality.”