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Tintra announces world's first built-for-purpose Web 3.0 bank

Tintra announces world's first built-for-purpose Web 3.0 bank

RegTech firm, Tintra, has just announced the next stage in its development strategy – the launch of the world’s first ever Web 3.0 banking platform.

By leveraging the metaverse, the institution’s aim is to broaden its technological capabilities – benefitting customers and internal operations, alike.

Richard Shearer, Tintra’s Group CEO, commented: "We are setting 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 view of the terrain and its implications.”

While other banks are in the process of bolting Web 3.0 technologies to their existing infrastructures, Tintra’s goal is to become the first to function operationally within the metaverse. For instance, Tintra's ‘borderless’ approach will introduce a financial and regulatory infrastructure constructed solely on Web 3.0 concepts – including metaverse and blockchain interoperability, transparency via dataless cryptographic mechanisms, as well as blockchain-based verification tools.

Moreover, Tintra is deploying AI to enhance the Know Your Customer (KYC) and Anti-Money Laundering (AML) framework infrastructure – ensuring it is fully compliant with current regulations.

“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.

As well as delivering transport and verification mechanisms for inter-chain, cross-chain, and off-chain financial and regulatory activities, Tintra’s technology will support internal data risk-reduction, via verifiable ‘always-on’ KYC processes. Essentially, this will facilitate truly seamless transactions in the metaverse.

“We anticipate that the metaverse will wear many faces and fulfil a number of discrete functions in people's lives driven by Web 3.0 protocols – a primary one being the ability to transact, which is of course our area of interest,” said Shearer. “This can be as painless in the metaverse as it is in real life, as if two individuals were in a market, souk, or mercado.”

The technologies being developed by Tintra have the potential to transform not just the regulatory environment, but also make access to the global marketplace as seamless in Africa, Latin America or Asia tomorrow as it is in Europe.

“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.”

Shearer firmly believes that “it would be a mistake 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.”

Comments: (1)

A Finextra member
A Finextra member 18 March, 2022, 10:22Be the first to give this comment the thumbs up 0 likes

Wooooowww what a beautiful project! I'm joking this business is a complete nonsense...Who cares about mateverse. When I wake up, I need a REAL coffee, a REAL breakfast, a REAL footing, I open a REAL door to take a REAL shit  and I tale a look in a REAL bank account of my REAL eanings doing a REAL job on the REAL life...Metaverse is just bullshits