Tintra PLC Update on UK Authorisation Strategy (4195G)
29 Mars 2022 - 1:30PM
UK Regulatory
TIDMTNT
RNS Number : 4195G
Tintra PLC
29 March 2022
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT)
REGULATIONS 2019/310.
29 March 2022
TINTRA PLC
("Tintra", the "Group" or the "Company")
Update on UK Authorisation Strategy
The board of directors (the "Board") of Tintra , the fast-growth
RegTech business, announces an update to its UK strategy for
applying for authorisation under UK financial services
regulations.
In the Company's announcement of 1 October 2021, the Board
stated that the most appropriate way of progressing its strategy in
the United Kingdom was to operate a business authorised as an
Electronic Money Institution ("EMI") by the UK Financial Conduct
Authority ("FCA"), achieved through acquisition, and that a
potential target had been identified.
However, after having undertaken an extensive due diligence
process on the identified target, as well as considering certain
alternative targets, the Board has now concluded that the
acquisition of an EMI subsidiary, with a view to subsequently
applying for a UK banking licence, is no longer the right fit for
the Company's evolving strategy.
The Company is developing its technology and artificial
intelligence solutions at a faster pace than anticipated and as
such, a key driver of the Board's decision was that the technology
of prospective targets was not comparable to that being built
internally for incorporation into the Web 3.0 infrastructure as set
out in the announcement of 17 March 2022.
Therefore, the Company has amended its UK strategy and now
intends to directly apply in the UK for a Small Bank Licence with
the Prudential Regulation Authority ("PRA") as well as EMI
authorisation from the FCA. This will integrate Tintra's UK
regulatory position into line with its Full Bank Licence
Applications in Qatar and Puerto Rico[1] that are already underway.
It is anticipated that authorisation from the PRA will take longer
than from the FCA. However while the timing and success of both
cannot yet be estimated with any accuracy, the process for both has
commenced with both UK applications expected to begin during Q2
2022.
Commenting on the decision, Group CEO, Richard Shearer, said:
"At our core we are building a financial services infrastructure
using deeply innovative, likely patentable, AI & ML technology
to solve the problems of compliance in the emerging world that
others are not. To do this we've always seen that we also need to
be regulated at the highest level and "be the bank not just the
fintech".
Whilst a UK Bank Licence was always in our road map, we had
intended to take an incremental route there, but having been
through the market place in great depth, we have realised that we
are ahead in so much of the tech team's thinking, that acquisition
would almost slow us down - as paradoxical as that may seem.
This decision to cut out that middle step and move directly to a
UK Bank Licence application is a very material one, meaning that
within the next three months or so we will be engaged with bank
licence applications on three continents: something that I'm
immensely proud of the team for undertaking. It means that we are
positioning the entire Tintra business to operate to the highest
regulatory standards by applying the collective requirements set
out by these three important global regulators for robust
governance, controls and risk management practices.
The validation in our vision that what Tintra is building itself
is greatly more compelling than any potential acquisition target in
the market, and that also cements my view that we truly are
building something game changing here and each week brings the
vision closer to reality ."
For more information, visit tintra.com .
ENDS
For further information, contact:
Tintra PLC
(Communications Head)
Hannah Haffield
h.haffield@tintra.com
Website www.tintra.com 020 3795 0421
Allenby Capital Limited
(Nomad, Financial Adviser & Broker)
John Depasquale / Nick Harriss / Vivek
Bhardwaj 020 3328 5656
[1] In Puerto Rico, the Office of the Commissioner of Financial
Institutions, as a regulatory body, is similar in function to the
State Banking departments found across 50 states of the USA. Puerto
Rico relies on the US Federal Reserve System, the US central bank,
as its central regulatory institution and OCIF oversees a strict
adherence to all applicable laws and regulations set out
therein.
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