Tintra is now in the process of establishing a local subsidiary and applying for a license with the National Bank of Rwanda.
Establishing a banking hub on the continent forms part of the fintech’s “hub and spoke” banking model, designed to boost trade and financial inclusion in emerging markets by securing a network of bank licenses across four continents.
The company has already secured a Fintech Services License to operate in the Qatar Financial Centre (QFC) and a Payment Intermediary Service License in Mauritius. The firm is also applying for regulatory licenses from the UK, Puerto Rico, and Singapore.
Rwanda will act as a regional hub using Tintra’s Qatar base as a correspondent through which customers can remove the friction, they face from the current banking practices and challenges faced in the region.
The firm recently tapped Temenos for its core banking platform and will also utilize the vendor’s payments and Financial Crime Mitigation solutions.