Today EMTECH announced its pilot-ready innovation and regulatory compliance platform, the Modern Central Bank Sandbox™, targeting central banks looking to streamline regulatory reviews, collaborate with innovators on emerging technology, or safely test their Central Bank Digital Currencies (CBDC). With the Modern Central Bank Sandbox™ EMTECH empowers central banks to overcome systemic challenges that currently exist within financial services (Exclusion, KYC, SME Lending, Cross-Border Payments, AML/Fraud), and to innovate safely, while providing effective oversight, and accelerating time to market for innovative financial products. EMTECH is actively working with the Central Bank of the Bahamas on the release of its Digital Sand Dollar currency.
Central banks today hold $9 Trillion in paper cash. In digitizing paper currency with CBDC, central banks create unprecedented liquidity that benefits small businesses and individuals while maintaining the central bank money as the anchor of a robust and competitive financial sector. By providing the infrastructure for digital cash, EMTECH provides central banks an action-ready toolset for new and inclusive monetary policy, and the guardrails for efficient transfer of an estimated $90 Trillion in cash payments.
“By enabling central banks to deploy the EMTECH Modern Central Bank Sandbox™, we help regulators leapfrog existing regulatory frameworks and systems, and adopt an innovation mindset as well as an innovation toolset,” said EMTECH CEO and co-founder Carmelle Cadet. “Our ability to help the leaders at central banks operationalize monetary and economic policy promotes multi-stakeholder collaboration and innovation, such as exposing CBDC Test APIs for industry testing. This is why EMTECH is the Fintech of Modern Central Banking,” Cadet said. Cadet is a former IBM Corporation Business Executive with experience in enterprise software, blockchain and global fintech innovation.
