Accenture invests in fintech startup Emtech: revolution in central banking
Accenture Invests in Fintech Startup Emtech
Accenture has made an investment in the startup Emtech, which specializes in providing software-as-a-service solutions for central banks and fintech companies. Emtech was founded in 2019 by former IBM Blockchain director, Carmelle Cadet. Currently, the startup serves seven central banks, including the Bank of Ghana, the Central Bank of Nigeria, the Central Bank of Guinea, the Central Bank of Liberia, the Bank of Sierra Leone, the Central Bank of The Gambia, and the Central Bank of The Bahamas. Additionally, Emtech has developed a concept for a central bank digital currency (CBDC) for the Central Bank of Haiti.
Services Offered by Emtech
Emtech provides infrastructure for digital currencies issued by central banks, regulatory sandbox functionalities, and develops compliance modules for financial services providers. The company is trusted by over 200 fintech sector clients. Emtech secured a $4 million investment in 2023, and previously in 2022, $6 million as a pre-seed investment. It also collaborates with Hedera Hashgraph, offering services like the Hedera Token Service and the Hedera Consensus Service.
Accenture and Emtech in the Digital Dollar Project
Accenture and Emtech are involved in the Digital Dollar Project, an initiative led by former Commodity Futures Trading Commission chairman, Christopher Giancarlo. Accenture is one of the founders of this organization, and Emtech joined the Technical Sandbox Program in 2022. Accenture has extensive experience working with central banks such as the Bank of Canada, the Monetary Authority of Singapore, the European Central Bank, and the Swedish Riksbank.
Central Bank Digital Currencies in Central Banks
It is worth noting that the majority of central banks worldwide are currently researching or testing central bank digital currencies (CBDCs), indicating a growing interest in this innovative technology in the financial sector.
