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Tintra Share Price Gains After it Confirms Application for a Puerto Rico IFE Licence

Sam Boughedda trader
Updated 26 Oct 2021

Shares of Tintra (LON: TNT) have climbed over 4% Tuesday after it said that it is now at the pre-application stage for an IFE (International Financial Entity) Licence in Puerto Rico.

The company is currently seeking the relevant regulatory approvals to build banking infrastructure using artificial intelligence technology focused on emerging markets.

Tintra previously announced positions concerning a possible acquisition of an Electronic Money Institution licence in the UK and its application for a full banking licence in the Qatar Financial Centre.

They were announced in addition to 2 other jurisdictions, which included Puerto Rico.

The company said a Puerto Rican IFE will provide it with direct access to the New York Federal Reserve, allow the company to offer banking services to international (non-Puerto Rican resident) clients, and act as its pivot between Latin America, the US & Europe.

Tintra CEO, Richard Shearer, commented: “Many players in the fintech space are solving part of the emerging market problem, some of them very well. None are solving the whole problem. We strongly believe that we are able to pull these parts together and I would hope that with this announcement our strategy becomes even clearer.

“Just as we determined that Qatar provides us with the best regional access to Africa & MENA, our analysis and experience informs us that Puerto Rico does the same thing for Central & Latin America.”

Shares of Tintra have climbed to 89p, up over 4.7% following the announcement.

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Sam is a trader and lead stock market writer at AskTraders. After starting his career in the forex market, Sam now focuses on stocks, specifically consumer staples.