Update on AI Joint Venture
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310.
13 October 2021
("Tintra", the "Group" or the "Company")
Update on AI Joint Venture
Further to the announcement of 8 October 2021, the board of directors of Tintra (the "Board") is pleased to provide an update on the proposed artificial intelligence ("AI") joint venture (the "JV"). The previously announced heads of terms have been expanded through a memorandum of understanding that has been agreed today (the "MoU").
Tintra has entered into the MoU with London-based Time Machine Capital 2 Limited ("TMC2"), a specialised AI investment and research business focused on applied AI in the financial services markets and its affiliate, the award-winning Fintech, Finsenr Limited ("Finsenr"). TMC2 is backed by the award-winning team that founded Mashtraxx, the AI engine behind a multi-billion-dollar US-based social media platform.
Tintra is building banking and infrastructure technology systems that are focused on frontier and emerging markets, which it believes are underserved by today's environment. Tintra is creating an open, integrated banking capability that will provide software as a service ("SaaS") to its clients sitting on its own global banking platform, using scalable infrastructure and application programming interface ("API") innovation.
Finsensr, founded by TMC2 and is the winner of the international FinSim 2020 competition, specialises in the automated learning of effective and precise semantic models in the financial sector. Finsensr's key areas of expertise include Natural Language Processing ("NLP"), Machine Learning ("ML"), and AI.
Gary Wright, Finsenr's lead advisor on this project said, "Tintra is establishing itself as a leader in a challenging, yet extremely valuable space within the global financial market. Its desire to create best practices in markets where conventional know-your-customer ("KYC") and anti-money-laundering ("AML") data standards lack cultural applicability presents a significant and unique opportunity for the use of advanced data and technology capabilities."
Richard Shearer, Tintra's CEO added "In many ways Tintra represents a cultural API, a bridge from the emerging markets to the current international banking hierarchy. Trying to solve emerging market problems with western myopic thinking is clearly not solving the problem in its entirety. Our aim is to level the playing field and we strongly believe that the holy grail in the space is the automation of KYC/AML and bringing NLP/ML & AI to the forefront of the space. Fintechs use a lot of tech to solve the UX (user experience) but not enough to solve the real problem of compliance."
Utilisation of the AI software that is planned to be developed under the MoU is planned to be a core element of the Company's strategy for delivering regulated payment services in a number of jurisdictions. The Company plans to raise further capital for its plans which include the acquisition of or application for multiple banking or payment licenses in target geographies, as well as potential acquisitions of fintech companies to accelerate the execution of its vision. The Board will make a further update on the JV once the final agreement is concluded.
For further information, contact:
Richard Shearer, CEO
020 3795 0421
Allenby Capital Limited
(Nomad, Financial Adviser & Broker)
John Depasquale / Nick Harriss / Vivek Bhardwaj
020 3328 5656