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

finextra.com:

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