RegTech business Tintra PLC is building the world’s first bank designed specifically for the metaverse and Web 3.0.

While a number of incumbent banks such as HSBC have recently announced moves into the metaverse through platforms such as The Sandbox and Decentraland, Tintra says it is en route to building a purpose-built bank capable of functioning operationally within the digital realm of the metaverse.

The company said its “borderless” approach will introduce a financial and regulatory infrastructure built solidly upon Web 3.0 technologies and concepts.

These include metaverse and chain interoperability, transparency by utilising dataless cryptographic mechanisms, and blockchain-based verification.

The RegTech firm says its infrastructure will both enable financial and regulatory communication layers between currently siloed metaverse projects, and provide a bridge to off-chain, traditional regulatory and financial systems.

The company added that in addition to transport and verification mechanisms for inter-chain, cross-chain, and off-chain financial and regulatory activities, Tintra’s technology will enable internal data risk-reduction, and verifiable ‘always-on’ KYC.

The "borderless” technologies and IP will be protected by a suite of trademarks and patents, alongside asset purchases and infrastructural developments within existing metaverse projects.

Tintra's move into the metaverse builds upon its existing investments in artificial intelligence (AI) and machine learning, where it is working in partnership with TMC2 to develop end-to-end, AI-driven technology designed to allow emerging market financial institutions access to global banking systems.

Commenting on the move, Richard Shearer, chief executive of Tintra said: “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 Meta. 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.”

He added: “By the same token, we anticipate that the metaverse will wear many faces and fulfil a number of discrete functions in people’s lives – including new and inclusive ways for challenger banks to operate which can’t necessarily be replicated by incumbent banks that remain dependent on legacy infrastructure.”

He explained that Tintra is planning to build “tomorrow’s bank” and then reverse engineer it back to fit today’s regulatory and fiscal landscape.

“We are already pushing this process along rapidly and with a number of PhD level brains working on it in-house I look forward to sharing a lot more in the coming months,” Shearer added.

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