RegTech firm Tintra has revealed it has begun development on what is believed to be the first ever Web 3.0 banking platform.
According to FinTech Finance, the platform will expand Tintra’s already-extensive tech capabilities with the eventual launch of a fully functional metaverse bank.
Tintra’s ‘borderless’ approach will bring forward a financial and regulatory infrastructure built solidly upon Web 3.0 technologies and concepts such as metaverse and blockchain interoperability and transparency by using data-less cryptographic mechanisms and blockchain-based verification.
The company noted that the infrastructure will be fully compliant with current regulation and apply AI to boost the KYC/AML framework and will include in-built latency elements.
Tintra’s infrastructure will not only allow financial and regulatory communication layers between siloed metaverse projects but will also provide a bridge to off-chain, traditional regulatory and financial systems.
Tintra CEO Richard Shearer said, “We have set out to revolutionise how developed market banks interact with their emerging market counterparts. A lot of the technologies using artificial intelligence and machine learning that I have discussed elsewhere have an interconnection with metaverse thinking. When it comes to the metaverse, it’s important to take an expansive and long-term view of the terrain and its implications – especially in the context of Web 3.0.
“It would be a mistake, for example, 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, whether they be Facebook, Twitter, and so on.
“By the same token, 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. 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.”
Shearer went on to detail that Tintra is building banking infrastructure that will enable it to open borders and business sectors across Asia, Africa and Latin America.
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