EMTECH, a software solutions company targeting central banks, recently launched its Central Bank Digital Currency (CBDC) Innovation Kit, which is now publicly available.
This innovation kit is specifically designed to cater to fintechs and financial service providers who seek to explore and test new fintech solutions and business models that involve Central Bank Digital Currency.
Discover the power of CBDCs w/ the EMTECH CBDC Innovation Kit 💡
🔥 Safely integrate w/ our CBDC Simulator capabilities for your internal #innovation projects & get ahead of the competition! 💪
🌐 To learn more: https://t.co/qolTEunu60
To sign up: https://t.co/srlnibgXGZ pic.twitter.com/pEX0skJkXA
— EMTECH (@emtech_inc) July 20, 2023
In 2022, the Bank of Ghana (BoG) announced the launch of its regulatory and innovation sandbox, developed in collaboration with EMTECH Solutions. BoG indicated that the sandbox will serve as an enabling framework for small-scale, live testing of innovations by innovators.
With over 10 trillion of paper cash in circulation and over 93% of central banks exploring and piloting CBDCs, introducing a digital version of cash, the CBDC Innovation Kit provides fintechs a set of tools with which to begin their discovery of the possibilities of a digital cash infrastructure, Emtech CEO, Carmelle Cadet, said.
EMTECH employs Hedera Hashgraph, a public distributed ledger technology, as its layer 1 protocol. It also utilizes the ERC-20 standard for its token, known as ‘Beyond Cash,’ described as a simulated currency utilized specifically for fintech innovation projects within their ecosystems.
The CBDC Innovation Kit facilitates accessibility to BYDC (Beyond Cash) by offering developer-friendly APIs, allowing integration into a ‘Bring Your Own App’ ecosystem model. Additionally, it provides users with pre-built dashboards to streamline their testing process.
The APIs enable fintech companies to seamlessly integrate BYDC wallets into their applications facilitating testing of diverse transaction types and retrieval of wallet and transaction data from the ledger. This marks the company’s initial CBDC offering, designed to assist fintechs in comprehending the potential benefits of CBDC for their operations.
“We’re extremely proud to officially announce this flagship CBDC offering for fintechs. Our point of view has been consistent: enabling central banks to safely deploy their CBDC as a digital cash infrastructure, not just a software application can drive inclusion, interoperability and resilience by embracing the growing fintech ecosystems.
From payments, savings to lending and investments, from rideshares to remittances. Imagine if the US$10 trillion or more of paper cash floating in the world was issued digitally, used and accounted securely, in real time and seamlessly. Imagine what fintech apps could do for cash users.” said EMTECH Founder and CEO, Carmelle Cadet.
Click here to learn more about the kit.
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