EMTECH, a first-of-its-kind central banking infrastructure provider, has announced it will take part in the recently introduced Technical Sandbox Programme by The Digital Dollar Project to explore the new possibilities of a US Central Bank Digital Currency (CBDC) – the “digital dollar”.
As one of the four announced technical vendors, EMTECH will bring its unique API-First and Energy Efficient CBDC Platform to test various use cases for cross-border payments.
The firm is joining a high-profile group of former US regulators and financial services experts. This initiative “marks the next step in our effort to convene the private and public sector in a symbiotic exploration of a central bank digital currency in the US,” said Jennifer Lassiter, executive director of The Digital Dollar Project.
EMTECH’s Founder and CEO, Carmelle Cadet, is a former Global Business and Finance Leader at IBM. In 2021, she was invited by the US Congressional Financial Services Committee to testify on whether the US dollar should be digital.
A market leader in central banking infrastructure, EMTECH’s mission is to leverage technology to enable access to inclusive and resilient financial ecosystems. “It’s exciting to be part of the Digital Dollar Project Sandbox, and we are looking forward to collaborating with the federal government, policymakers, and private sector organisations to pilot CBDC options that encompass retail or wholesale models for cross-border payment use cases,” said Mrs Cadet.
In her testimony, she highlighted the firm’s vision and focus on helping central banks to build modern digital cash infrastructure using blockchain and distributed ledger technology (DLT). A consistent recommendation to the White House and the Congressional Committee is the use of a regulatory sandbox to enable faster and safer innovation from and with the private sector.
“The current ecosystem for cross-border payments is a complex nightmare for financial service providers to navigate. EMTECH’s CBDC Platform, with its API-First approach and high-performance DLT, is a more modern design that we’re excited to bring to the Technical Sandbox Programme,” said Tabor Wells, Chief Technology Officer at EMTECH.
Earlier this year, the firm announced its partnership with Hedera Hashgraph to build an energy-efficient CBDC to support its newly announced GREEN CBDC Framework™, which is designed to help central banks unlock unprecedented value in deploying a CBDC. A key pillar of the framework is reducing the carbon footprint of financial services, while also limiting energy demand from fragile power structures. You can learn more about the GREEN CBDC Framework™ at greencbdc.com and emtech.com.
Read more about the technical sandbox in DDP’s Press Release.
EMTECH is building the next generation of central banking Infrastructure to drive inclusive and resilient financial markets. The company provides software solutions and services to connect central banks, other regulators, and financial services providers, in a user and developer-friendly way.
EMTECH’s API-First platforms power regulatory data exchange, currency issuance, and currency movement in financial markets. It is a diverse global firm that makes financial ecosystems inclusive and resilient by design. For more information, visit www.emtech.com.