The EMTECH Modern Central Bank Sandbox™ will provide its innovative solutions with backing from the cloud services giant Microsoft Corporation in its attempt to deploy the pilots in the coming months.
EMTECH, an American Fintech startup, has launched a platform dubbed the Modern Central Bank Sandbox™ to help Central Banks around the world in their pursuit of Central Bank Digital Currencies. Per the official announcement, the EMTECH Modern Central Bank Sandbox platform offers a regulatory compliant system that is ready for its pilot testing.The quest to develop and digitize fiat currencies has continued to gain traction this year with economies like China, South Korea, and Sweden taking the lead in the Central Bank Digital Currency (CBDC) pursuit. The EMTECH platform is geared towards helping partner Central Banks to streamline regulatory reviews, collaborate with innovators on emerging technology, or safely test their Central Bank Digital Currencies (CBDC). The Modern Central Bank Sandbox offers scalability and interoperability that will help these apex banks to overcome systemic failures that currently plagues the financial ecosystem of today.“By enabling central banks to deploy the EMTECH Modern Central Bank Sandbox™, we help regulators leapfrog existing regulatory frameworks and systems, and adopt an innovation mindset as well as an innovation toolset,” said EMTECH CEO and co-founder Carmelle Cadet. “Our ability to help the leaders at central banks operationalize monetary and economic policy promotes multi-stakeholder collaboration and innovation, such as exposing CBDC Test APIs for industry testing. This is why EMTECH is the Fintech of Modern Central Banking.”With a team of experts including veterans with broad experiences working for Central Banks around the world, EMTECH through its platform will be able to let Central Banks combat financial exclusion, unreliable cross-border payments solutions, and meeting Know-Your-Customer and Anti-Money Laundering challenges in the CBDC backed economy that is bound to take the center stage in the near future.EMTECH Platform Draws Support from Microsoft AzureThe EMTECH Modern Central Bank Sandbox™ will provide its innovative solutions with backing from the cloud services giant Microsoft Corporation (NASDAQ: MSFT) in its attempt to deploy the pilots in the coming months.“Microsoft Azure is a key enabler of the digital transformation journey of customers all over the world. We look forward to helping EMTECH on its global mission to enable accelerated central bank digital innovation, harnessed on Microsoft’s highly secure, compliant, and scalable Azure platform,” said Chris Lwanga, Principal Director, Microsoft Corporation.With the backing from Microsoft Azure, EMTECH is in active talks with Central Banks around the world with a major headway made with the Central Bank of the Bahamas. EMTECH is working with the Bahamas apex bank to roll out its Digital Sand Dollar, the very first CBDC that was launched back in October. According to a report by Coindesk, a Spokesperson from the Central Bank of the Bahamas noted that “EMTECH’s involvement in the project is limited to architecting our cross-border minimal viable product (MVP), which remains a work in progress.”Other news from the crypto-related projects can be found here.