Accenture has put a lot of money into the fintech company Emtech to help it get better at working with digital currencies. Accenture’s financial services will be able to use Emtech’s cutting edge solutions for central bank digital currencies (CBDCs) and legal compliance thanks to this funding.
Emtech was started in 2019 by Carmelle Cadet, who used to work for IBM Blockchain. It helps central banks and fintech companies with software-as-a-service. It has a legal sandbox for trying financial technologies and a uniform ledger model for CBDCs. Emtech is known for being an expert in digital cash solutions. Central banks from countries like Ghana, Nigeria, and the Bahamas are among its clients.
Accenture’s core banking services will now include Emtech’s technologies. This will help central banks and other financial firms bring their systems up to date. Emtech’s solutions are made to make it easier to handle and distribute digital currencies while still meeting government requirements.
Khori Whittaker, executive head of ENS Labs, said that the relationship shows that both companies want to speed up the digital change of banking systems. Emtech’s part in this change includes creating a compliance tool for financial services and taking part in Accenture Ventures’ Project Spotlight, which helps startups that are making big changes in technology.
Accenture has worked with many central banks in the past, such as the Bank of Canada and the European Central Bank. They have also been very busy in the CBDC space. Accenture’s investment in Emtech shows that the company is dedicated to growing its digital currency offerings and meeting the changing needs of the world’s financial sector.
