The world’s first Web 3.0 banking platform.


Thinking outside the box is a skill that doesn’t come easy to most people, yet anyone can benefit from someone’s ability to do it.

Richard Sheerer is the CEO of pioneering RegTech, Tintra PLC a company listed on the stock exchange London and New York. Tintra is an AI-powered bank that removes barriers to moving money between developed and emerging markets

London, May 2022and I meet Richard at Tintra headquarters in London,. Our conversation begins with a curious and unavoidable question: what triggers an ambitious undertaking such as building something on a technology that is still evolving. “Financial inclusiveness” is the answer and remains the answer throughout our fascinating day-long conversation.

What does financial inclusiveness even mean? The ability to access funds regardless of where you live. Richard’s ambition to achieve this is as noble as it is complex. Of somebody place of residence from a due diligence point of view in the context of opening a bank account, can immediately classify them as “low”, “medium” or “high” risk. Inevitably, the meticulous “comb” of the law catches people who may be engaged in completely legitimate business transactions and prevents them from opening and operating a traditional bank account, receiving funds or trading on the latest platforms. fintech and digital available. Financial inclusiveness and Richard’s ambition for Tintra is to “build technology that allows us to build an ad hominem regulatory framework – directed at you as an individual with the rights you deserve rather than lazy categorization by nationality, social background or even more uncomfortable signifiers.”

Tintra has long been making waves in the RegTech industry by developing and applying technology to operate as a regulated e-money institution, across the globe. It is partly this and partly Richard’s long experience as head of the Tintra family office that has demonstrated the power of financial exclusivity.

Soon in our conversation, Richard’s multicultural upbringing takes center stage and then his determination to invest in “financial inclusiveness” becomes clearer. Born and raised in hong kong by English parents, Richard was exposed to and gradually grew up reconciling two very different worlds. East and West. Who then could better understand the need for financial inclusion than someone who grew up with cultural differences; circumstances that likely endowed him with a unique skill set to understand a different person’s point of view.

When we bring up the subject of KYC procedures for a bank account opening, the conversation blossoms into the ambition to see the world in 80 days, just like Jules Verne imagined it. At the Tintra headquarters in London there is a world map with all the places where Tintra offices exist or are in the process of being opened.

Did you know that in a place like Nigeria the highest proof of identity is not the passport copy as one would expect in the UK, but a document similar to a work card. Everyone has a work card but not everyone has a passport. How does a resident of Nigeria be able to open a basic bank account, if his identity document is not recognized therefore it is not accepted?” Richard asks.

It is reported that cyber identity verification would allow heavily unbanked nations such as African nations to join the global economy by more than 60% of their total population. So how do you create software that can identify and single out dishonest applicants? Tintra’s answer lies in artificial intelligence and more specifically in adaptive algorithms that eliminate human biases, according to Tintra’s senior software engineer. It also depends on the data provided to the algorithm.

“What does the world’s first Web 3.0 banking platform look like?” I ask. Web 3.0 is built on distributed ledger technology (blockchain) with user-created content. How then, as a fintech institution or banking platform, do you monitor user information? In a firm response, Richard says “the answer is always on KYC”.

Always-on-KYC” is extremely difficult to achieve, and that’s probably why Tintra is investing and collecting several patents that guarantee its ability to create the software that will provide this as well as financial inclusiveness – that is, say a way to distinguish between rogue and eligible user applies objective standards as much as possible.Even if it means moving away from traditional Western biases inherent as much in ourselves as in the law we apply when we collect and evaluate know your customer information.” What is missing with blockchain is that if used correctly it has the potential to be a much more reliable form of KYC than requesting information from a potential client and to trust in many cases that he is honest. This form of compliance allows us to look back into a customer’s history for trend lines that can help the onboarding process. This is however only part of the solution, it only reaches its full potential if after the integration there is a switch to KYC still active,” he keeps on.

What about GDPR, anti-money laundering and anti-corruption laws? How will the software secure their application to keep account opening and payments compliant with the law? The answer is found once again on “always on KYC“. Thinking back to some of the latest high-profile financial scandals, such as the Capital of Archegos scandal that cost Credit Suisse $5.5 billion, it seems that Richard’s answer is one that all financial institutions should be looking for. Thinking about this recent scandal, or a very current situation where people have no access to their bank accounts due to a geopolitical situation over which they have no control, it is clear that Richard has exploited a serious problem. And the solution he is working on now, valued perhaps in the billions of US dollars, is urgently needed.

In September 2022the Governor of the Central Bank of Cyprus, announced the launch of a tender for a digital onboarding solution for banking customers, as part of an initiative to accelerate banking operations. Looking back, our conversation with Richard and his “always on KYC” in May seems to be at the heart of a larger conversation among all major stakeholders.

As we come to the end of our conversation, I think of the regulatory landscape that awaits us as Tintra strives to operate as a Web 3.0 digital bank. But how do you apply for or obtain a license to operate on Web 3.0? “It’s a decentralized environment,” says Richard, and we both agree that it’s time to pass new laws that address the ability of businesses to transact almost exclusively online, using only digital currencies, and making contract performance depend almost exclusively on code.

“How do you see yourself as the CEO of a company developing pioneering technology?” Richard’s mindset is down-to-earth, simply focused on solving a problem. Make financial transactions fluid and more accessible, ultimately more inclusive. It then comes to my mind that without him realizing it, he is also working to give meaning to “being in business”.

Tintra PLC is a public company listed on the London and New York scholarships. It is building a global, borderless banking infrastructure to democratize payments for emerging markets, with a current private market valuation of at least $100 million.

Richard Sheerer is spearheading the company’s initiative to become the world’s first digital bank on Web 3.0.

The content of this article is intended to provide a general guide on the subject. Specialist advice should be sought regarding your particular situation.

Ms. Stella Koukounis
solside law
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Email: [email protected]

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Michael C. Sumner