Tintra PLC Business Update (2953C)
09 Juni 2023 - 4:43PM
UK Regulatory
TIDMTNT
RNS Number : 2953C
Tintra PLC
09 June 2023
9 June 2023
TINTRA PLC
("TNT", the "Group" or the "Company")
Business Update
The board of directors (the "Board") of Tintra , the rapidly
innovating Deep Tech & Banking business, is pleased to provide
the following update on its business.
Further to the announcement of 8 May 2023, regarding the
establishment of a new banking hub in African, Tintra has
progressed various conversations in that country and last week with
the Rwanda Development Board. As a result the Company is now in the
final stages of preparing a Regulated Business Plan for submission
to the National Bank of Rwanda which it currently expects to be
submitting before the end of July 2023. To progress this ongoing
work further a Tintra team will be in Rwanda on the week of the 19
June 2023 in order to meet with local stakeholders.
Further, the Company has formed a Rwandan entity to facilitate
the application and is in the final stages of a reaching a
commercial agreement with an established local partner to enter
into a Joint Venture that will accelerate the roll out into that
region.
The matter referenced on 5 May 2023 between Fintech Leaders Fund
LLC and the Company is ongoing, with initial court proceedings
expected during July and with a latest date set by the Court for
Final Hearing of 15 December 2023. The Company is engaged in
settlement negotiations and is hopeful of reaching agreement much
sooner than that date, however this cannot be guaranteed.
Further to the Company's announcement on 25 January 2023
regarding the development of a Central Asia hub in Azerbaijan, the
Company has been progressing this strategy and accordingly is
sending a team to Baku, Azerbaijan, on 13 and 14 June 2023 where
team members will be speaking to fintech and business leaders about
Tintra's penetration into that market and beyond into Central Asia.
The conversation with local regulators is ongoing and an update
will be made prior to the submission of a licensing
application.
Further to the Company's announcement of 10 March 2023 regarding
an investment by a Middle Eastern investor, which was due to close
within 45 days, the Company updates that the parties remain in
close contact progressing the investment and have mutually agreed
an extension until the 10 July 2023 and will make further
announcements in due course.
Further to the Company's announcement of 13 March 2023 about the
award of its patent number 11615399 by the United States Patent
Office, the Company is pleased to announce that it yesterday
applied to expand geographical coverage into areas and regions
where it plans future business.
This establishment of IP protection globally is driven by the
Company's mission of building Web3 technologies in highly regulated
environments, especially in light of recent developments, as seen
in the press, in this regard in the United States.
This two-pronged approach, firstly via the International Patent
Systems Patent Co-operation System which covers more than 150
countries global, alongside additional direct applications in
countries and regions of specific commercial interest, which
includes Puerto Rico, Singapore, Japan, Korea and Mexico is
supported by a regional Gulf Cooperation Council application
covering the Tintra base in the Middle East.
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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