RegTech business, Tintra PLC has announced the next stage of its strategy, the development of what it believes to be the world's first built for purpose Web 3.0 banking platform (the "Platform"), to expand its technological capabilities, through to the launch of an equally innovative fully functional metaverse bank.
Tintra intends to create the first bank capable of functioning operationally within the digital realm of the metaverse.
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. 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.”
Moving banking into the metaverse
Tintra's approach will introduce a financial and regulatory infrastructure built upon Web 3.0 technologies and concepts, including metaverse and blockchain interoperability, transparency by utilising dataless cryptographic mechanisms, and blockchain-based verification.
Web 3.0 is the upcoming third generation of the internet where websites and apps will be able to process information in a smart human-like way through technologies like machine learning (ML), Big Data, decentralised ledger technology (DLT), etc.
The company’s infrastructure will be fully compliant with current regulation, and will apply AI to enhance the Know Your Customer (KYC) and Anti-Money Laundering (AML).
“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,” explained Shearer.
Expanding global banking systems
Tintra's 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.
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.
“We are building banking infrastructure that will allow us to open borders and business sectors across Asia, Africa and Latin America,” claimed Shearer. “Our unique thinking on this is that the methodology to achieve this is by building tomorrow's bank and then reverse engineer it back to fit today's regulatory and fiscal landscape.”
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