EMTECH, the modern central bank infrastructure provider, the first of its kind, announced the launch of its Central Bank Digital Currency (MNBC) Innovation Kit for fintechs and financial service providers looking to test new fintech solutions and business models based on a central bank digital currency.
At a time when over 10 trillion paper cash is in circulation and 93% of central banks are exploring and piloting MNBC solutions by introducing a digital version of cash, the MNBC Innovation Kit provides fintechs with a set of tools to begin exploring the diverse possibilities of digital currency infrastructure.
Leveraging Hedera Hashgraph distributed public ledger technology as a Layer 1 protocol and ERC-20 standard for tokenization, EMTECH’s simulated token, called “Beyond Cash” (or BYDC), is used to develop innovation projects within fintech ecosystems. The MNBC Innovation Kit enables developers to access BYDC through user-friendly APIs, under a “Bring your own app” ecosystem model. The kit comes with pre-built dashboards for users as they run their tests. The APIs allow fintechs to integrate BYDC wallets through their app, test different transaction types, and pull wallet and transaction data from the ledger.
“We are particularly proud to officially announce the launch of our flagship MNBC offering for fintechs, based on a consistent point of view: enabling central banks to securely deploy their MNBC as a digital treasury infrastructure – and not just as a software application – can foster inclusion, interoperability and resilience by encompassing growing fintech ecosystems: payments, savings, loans, investments, carpooling and remittances. Imagine the $10 trillion or more of cash in circulation around the world being digitally issued, used, and accounted for securely, in real time, and without a hitch. Imagine what fintech apps could do for cash users, said Carmelle Cadet, founder and CEO of EMTECH. By creating a simulator generically called “Beyond Cash” and ready-to-use pre-built APIs, we are bringing modern central banks closer to fintechs and helping our client central banks to validate what can be validated as part of their exploration. »
“For EMTECH, this innovation kit is a first. And the launch of the beta version at the beginning of the year allowed us to see the interest shown by fintechs, who signed up in large numbers. Even without a direct deployment of an MNBC, there is a lot of capacity to develop among fintechs. We look forward to helping them explore the new possibilities offered by the arrival of MNBCs. Companies that take the lead will have a lot to gain,” said Tunji Odumuboni, Executive Director Africa, EMTECH.
SOURCE: Businesswire