Tintra PLC Tintra to establish new hub in Rwanda (2946S)
08 März 2023 - 10:30AM
UK Regulatory
TIDMTNT
RNS Number : 2946S
Tintra PLC
08 March 2023
8 March 2023
TINTRA PLC
("Tintra", the "Group" or the "Company")
Tintra to establish new hub in Rwanda
The board of directors (the "Board") of Tintra , the fast-growth
Deep Tech & Banking business, today announces a strategic
addition to its hub and spoke model.
Tintra has identified that its major strategic goals can be met
faster with the addition of a banking hub on the African continent,
and following a number of extensive discussions with
representatives from a number of government departments, including
with the Rwandan Central Bank and Rwanda Development Board, both of
whom have, subject to submission of the Regulatory Business Plan,
expressed enthusiastic support Tintra's project, the Company is
pleased to announce it will establish a banking hub in Rwanda.
The Company has already engaged lawyers in Rwanda and will now
commence the establishment of a local subsidiary and commence the
licensing application process with the National Bank of Rwanda.
The identification of Rwanda as the Group's hub in Africa,
follows on the establishment of similar regional hubs in the UK,
Qatar, Puerto Rico and Singapore.
Constantine Chikosi, Tintra's recently appointed Director of
Strategic Initiatives for Africa commented, "I am very excited that
our footprint in Africa begins in Rwanda and that it will enable us
to serve customers in East Africa's dynamic economies from that
base. Building on a very collaborative relationship with Rwandan
authorities, I expect that the granting of a banking license, which
we expect to have timing guidelines on soon, will allow us to
enable greater financial inclusion in East Africa in the shortest
time possible."
Richard Shearer, the Company's Chief Executive Officer, said:
"This amendment to our originally conceptualised 4 hub-plus-spoke
model is a direct result of the ground-breaking work being
undertaken by Dr Davy Smith and his team of researchers within
Tintra's Culture Lab - compounded by Constantine's addition as head
of the dedicated Strategic African Team which is already proving to
be an incredibly valuable addition.
These two aspects, when combined, mean our territorial coverage
has unlocked deep and textured understanding of regional nuance
that is incredibly powerful. There really is no other organisation
in the world addressing the need of those that lack financial
inclusion in the scientific but commercially minded way that we
are. Using artificial intelligence to unlock insights that will, in
time, give us a true
competitive edge protected by the patents that we already have
pending.
Should a licence application be successful, which we fully
expect it to be, Rwanda will act as a regional hub using our Qatar
base as a correspondent through which customers can remove the
friction they face from the current banking practises and
challenges faced in the region.
Both tech & regulatory Tintra Team members will be visiting
Rwanda later this month to commence the process of establishment
along with delivery roadmaps for authorisation by the regulator, as
we continue our mission to use artificial intelligence to make real
change(TM) "
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
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END
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March 08, 2023 04:30 ET (09:30 GMT)
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