Emtech, a Modern Central Banking Infrastructure company, has successfully delivered a 12-week CBDC Hackathon as a strategic pilot for the Bank of Ghana. This is the company’s latest technical partnership with Bank of Ghana, following the deployment of its Digital Regulatory Sandbox.
The eCedi Hackathon has emerged as a flagship CBDC challenge driven by the Bank of Ghana, showcasing how a central bank can collaborate with the innovation, banking and fintech ecosystems, while driving its own innovation. That collaboration is key to validating the market needs, testing technical capabilities, educating stakeholders and ensuring private sector alignment, prior to introducing a final solution.
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EMTECH’s Digital Cash Infrastructure is designed to make cash accessible
EMTECH’s Beyond Cash solution was designed as a Web3-enabled Digital Cash Infrastructure that not only can interoperate with established payment rails, but that newer financial products can be safely built on and with. As Central Bank Digital Currency (CBDC) enters the deployment phase for many central banks, more are exploring their strategy to bring a digital version of central bank cash in the era of Fintech, Open Banking, Web3 and AI.
As a foundation, EMTECH’s Digital Cash Infrastructure is designed to make cash accessible, interoperable and trusted in this era. In order to deliver on the goals of financial inclusion and access, it is a unique opportunity for the future “currency infrastructures” to leverage new technologies such as APIs, Distributed Ledgers, Smart Contracts and Tokenisation that further foster innovation of products that will ultimately be easy, low cost and faster for businesses and consumers.
The initiative successfully brought together developers, banks, fintech innovators and the Bank of Ghana to pilot how EMTECH’s tokenised CBDC solution could achieve key objectives and be used in use cases relevant to the Ghanaian market such as merchant payments, government payments, lending, crowdfunding, transparent taxation, etc.
EMTECH’s CEO Carmelle Cadet said:: “Bank of Ghana’s successful pilot with our web3-enabled technology stack showed foresight and leadership. It also establishes a template of “How To CBDC for the Web3 era” while collaborating with banks and fintech ecosystems. There’s a real opportunity to unleash the potential we know exists in fintech to make finance more inclusive and resilient. Our CBDC Hackathon Kit is a turnkey solution designed to make it a low risk, low cost and easy to use solution for central banks to ultimately deploy their CBDC successfully.”
