Granting of Middle East Licence
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", the "Group" or the "Company")
Granting of Middle East Licence
The board of directors (the "Board") of Tintra, 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/), 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:
020 3795 0421
Allenby Capital Limited
(Nomad, Financial Adviser & Broker)
John Depasquale / Nick Harriss / Vivek Bhardwaj
020 3328 5656