Accenture announced its investment in fintech startup Emtech, which provides software-as-a-service to central banks and fintech companies. Emtech was founded in 2019 by former IBM Blockchain executive Carmelle Cadet and already collaborates with several central banks.
About Emtech
Emtech was founded in 2019 by Carmelle Cadet, a former executive at IBM Blockchain. Emtech's clients include seven central banks, such as those of Ghana, Nigeria, the Republic of Guinea, Liberia, Sierra Leone, The Gambia, and the Bahamas. The company also created a central bank digital currency (CBDC) proof-of-concept for the Bank of the Republic of Haiti.
Services for central banks and fintechs
In addition to CBDC infrastructure, Emtech offers a regulatory sandbox feature and is developing a compliance feature for financial service providers. Emtech states that it has over 200 fintech clients. Carmelle Cadet stated: 'This investment and collaboration are the result of a shared vision to guide banks in modernizing their infrastructure and processes for the era of tokenization. Successful digital transformation at this scale requires cutting-edge technology and industry expertise.'
Collaboration with Accenture
The terms of the Accenture investment were not disclosed. Emtech will also join the Accenture Venture Project Spotlight accelerator. In August 2023, Emtech received $4 million in seed investment, following a $6 million pre-seed investment in 2022. Emtech uses a unified ledger model for its CBDC services. In 2021, it partnered with Hedera Hashgraph to offer its Hedera Token Service and Hedera Consensus Services. In July 2023, it introduced its CBDC Innovation Kit simulator, featuring pre-built application programming interfaces.
Through collaboration with Emtech and other key partners, Accenture continues to actively develop the central bank digital currency domain. This partnership is a step forward for both companies in their quest to modernize financial infrastructure and adapt to ongoing changes in the financial sector.
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