A new tech-focused bank has been launched in the Cayman Islands.
Tenet Bank Ltd, described by founders as a global bank for the “modern innovation economy”, announced its soft launch Monday.
Licensed by the Cayman Islands Monetary Authority, the bank will be tailored to the specific needs of tech-orientated companies. Initially, it will pull its clients from an invitation-only waiting list.
The business is the brainchild of two partners of Camana Bay-based FinTech advisory company, Cartan Group.
Founders Brian Tang and Brandon Caruana have been in “rigorous product development” on the project for several years, according to a press release from the company.
The business aims to fill an important and expanding niche, using state-of-the-art software and technology sector expertise to meet the needs of modern businesses. Basing operations in Cayman, they say, will allow for global clients to efficiently manage and move capital across the world.
“Tenet offers the highest level of security and reliability found in traditional banking, upgraded for the modern needs of the world’s most innovative entrepreneurs, startups, venture funds, and multinational institutions,” said Tang.
“We are just starting to see the true potential of the internet era, where technology can reach global scale faster than ever. There’s a need for a bank that understands this and helps clients to capitalise on the opportunity it affords.”
During the soft launch, priority will be given to interested clients receiving invitation codes from a member of Tenet’s verified invitation programme, the business said in the release.
“As an engineering-first bank, Tenet aims to set a new standard in global banking with its proprietary operating system, TenetOS,” the release said. “Committed to continuously improving the client experience, Tenet’s in-house team of software engineers uses ongoing feedback to tailor TenetOS feature sets to clients’ unique needs. TenetOS also offers a growing array of API-powered integrations, enabling clients to consolidate their financial management into one hub.”
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