RE: RNS OUT!3 Feb 2022 09:11
Re Latin America previous RNS said the following:
A Puerto Rican IFE will provide the Company with direct access to the New York Federal Reserve, allow the Group to offer banking services to international (non-Puerto Rican resident) clients and will act as the Company's 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. Other options were considered and rejected for various reasons. An IFE is a full banking licence in all ways for non-Puerto Rican individuals and companies. As such having direct access to the New York Fed will mean we can provide clearing facilities for major partners across the world in United States Dollars, a not insignificant step.