Application for a Puerto Rico IFE Licence

RNS Number : 2749Q

Tintra PLC

26 October 2021

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310.

26 October   2021

TINTRA PLC

  ("Tintra", the "Group" or the "Company")

Application for a Puerto Rico IFE Licence

On 30 July 2021 the Company set out some outline detail of its strategy to obtain relevant regulatory approvals to enable it to build banking infrastructure using artificial intelligence technology focused on emerging markets, where it has identified a market need and commercial gap.

The Company has previously announced positions in relation to a potential acquisition of an Electronic Money Institution licence in the UK, along with its application for a full banking licence in the Qatar Financial Centre.

In addition to this the Company had previously stated that two other jurisdictions were being considered as part of its strategy and it is pleased to report that it is now at the pre-application stage for an IFE (International Financial Entity) Licence in Puerto Rico ("IFE"). 

A Puerto Rican IFE will provide the Company with direct access to the New York Federal Reserve, allow the Group to offer banking services to international (non-Puerto Rican resident) clients and will act as the Company's pivot between Latin America, the US & Europe.

Tintra CEO, Richard Shearer, commented, "Many players in the fintech space are solving part of the emerging market problem, some of them very well. None are solving the whole problem. We strongly believe that we are able to pull these parts together and I would hope that with this announcement our strategy becomes even clearer.

Just as we determined that Qatar provides us with the best regional access to Africa & MENA, our analysis and experience informs us that Puerto Rico does the same thing for Central & Latin America. Other options were considered and rejected for various reasons. An IFE is a full banking licence in all ways for non-Puerto Rican individuals and companies. As such having direct access to the New York Fed will mean we can provide clearing facilities for major partners across the world in United States Dollars, a not insignificant step.

We have advanced this materially and our advisors are confident we will see an active Tintra IFE during 2022 with a first draft of the application being submitted next month."

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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