Fast-growth RegTech business, Tintra PLC, has today provided further information on its route to building the world’s first built for purpose Web 3.0 banking platform – expanding its already-extensive technological capabilities through the launch of the world’s first metaverse bank.
Though many incumbent and legacy banks are currently opening lounges and branches in the metaverse via platforms like Decentraland, Tintra intends to create the first bank capable of functioning operationally within the digital realm of the metaverse.
Tintra’s revolutionary “borderless” approach will introduce a financial and regulatory infrastructure built solidly upon Web 3.0 technologies and concepts, including metaverse and blockchain interoperability, transparency by utilising dataless cryptographic mechanisms, and blockchain-based verification.
While the Platform will develop over time, along with these Web 3.0 technologies and concepts, it is being built on a “clean-sheet” basis rather than bolting such elements on to legacy platforms. Tintra’s infrastructure will be fully compliant with current regulation, apply artificial intelligence to enhance the KYC/AML framework but include in built latency parts that the Board believes will give the business a competitive edge as the world moves into a Web 3.0 environment.
Tintra’s infrastructure will not only enable financial and regulatory communication layers between currently siloed metaverse projects, but also provide a bridge to off-chain, traditional regulatory and financial systems. Alongside providing these seamless transport and verification mechanisms for inter-chain, cross-chain and off-chain financial and regulatory activities, Tintra’s technology will enable internal data risk-reduction, through verifiable “always-on” KYC. In essence, this will enable seamless transactions in the metaverse between counterparties as if they were in the real world standing next to each other.
Tintra’s “borderless” 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.
This latest proposed expansion of Tintra’s technological capabilities complement its existing investments in artificial intelligence (“AI”) and machine learning. 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 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.
Discussing the vision for Tintra to become the World’s first metaverse enabled bank, Group CEO, Richard Shearer, said: “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.
It would be a mistake, for example, to think of the metaverse as nothing more than a branding exercise from one provider or another. Instead, I suggest thinking of the metaverse more along the lines of social media, which isn’t a single, homogenous mass, but a phenomenon that contains a variety of platforms and possibilities, whether they be Facebook, Twitter, and so on.
By the same token, we anticipate that the metaverse will wear many faces and fulfil a number of discrete functions in people’s lives – a primary one being the ability to transact. This should be as painless in the metaverse as it is in real-life. Our approach will lay the path for new and inclusive ways for challenger banks to operate which can’t necessarily be replicated by incumbent banks that remain dependent on legacy infrastructure.
We are building tomorrow’s bank and then reverse engineering it back to fit today’s regulatory and fiscal landscape as opposed to others who, in our view, are taking a more bottom-up approach. We are already pushing this process along rapidly and with a number of PhD level brains working on the problems in-house. I look forward to sharing a lot more in the coming months.”