NEW YORK - Wednesday, 19. July 2023
EMTECH’s Beyond Cash or
(BYDC) is a CBDC Simulator built on Hedera layer 1 protocol with
pre-built APIs that simplify the integration of digital cash in fintech
products across various use cases.
an award-winning software company and first-of-its-kind Modern Central
Banking Infrastructure provider, today announced the public release of
its Central Bank Digital Currency (CBDC) Innovation Kit for fintechs and
financial service providers looking to test new fintech solutions and
business models with Central Bank Digital Currency.
With over 10
trillion of paper cash in circulation and over 93% of central banks
exploring and piloting CBDCs introducing a digital version of cash, the
CBDC Innovation Kit provides fintechs a set of tools with which to begin
their discovery of the possibilities of a digital cash infrastructure.
a public distributed ledger technology (Hedera Hashgraph) as a layer 1
protocol and ERC-20 standard for tokenization, EMTECH’s simulated token
called “Beyond Cash” is used for the purpose of innovation projects with
fintech ecosystems. The CBDC Innovation Kit makes BYDC accessible via
developer-friendly APIs for a “Bring Your Own App” ecosystem model and
comes with pre-built dashboards for users as they run their tests. The
APIs allow a fintech company to embed BYDC wallets via their app, test
various types of transactions and pull wallet and transaction data from
the ledger. This is the company’s first CBDC offering to help Fintechs
understand what’s in it for them with CBDC.
proud to officially announce this flagship CBDC offering for fintechs.
Our point of view has been consistent: enabling central banks to safely
deploy their CBDC as a digital cash infrastructure, not just a software
application can drive inclusion, interoperability and resilience by
embracing the growing fintech ecosystems. From payments, savings to
lending and investments, from rideshares to remittances. Imagine if the
$10 trillion or more of paper cash floating in the world was issued
digitally, used and accounted securely, in real time and seamlessly.
Imagine what fintech apps could do for cash users.” said EMTECH Founder
and CEO, Carmelle Cadet. “By creating a simulator with the generic name
“Beyond Cash” and pre-built APIs ready to use, we bring modern central
banking closer to fintechs and we help our central bank clients validate
what’s possible as part of their exploration.”
“This is a first
for EMTECH, and with a beta launch earlier this year, we saw the
interest from fintechs who signed up for our Innovation Kit. Even
without a live CBDC deployed, there’s a lot of capacity to build on
fintech side as well. We are eager to help explore new possibilities
with CBDCs coming down the pipe. Those who get ahead of the curve have
much to gain,” said Tunji Odumuboni, Executive Director, Africa at
CBDC is objectively a hot topic in finance today. There
are many questions and theories on what CBDCs are and are not. In our
design, we take seriously the concerns on privacy and controls. By
launching this innovation kit, we believe we can help showcase how we’re
designing for trust and adoption. Once established, the industry can
solve challenges for the billions of people out of the banking system
such as, lack of access to capital and high cost of cross border
payments. - Gbemi Munis, Director Of Product at Product.
their broad inclusion in Central Bank strategies, the impact of CBDC on
economic and financial systems remains relatively unknown. Introducing
them could present significant risks, such as issues with monetary
policy transmission, efficient functionality of payment systems, and
overall financial stability. To reduce these variables, Central Banks
must understand the implications of various CBDC configurations. CBDC’s
Innovation Kit creates the opportunity for fintechs and other financial
service providers to test those configurations in their own app much
faster and with little to no risk.
Fintechs can read more on: www.emtech.com/cbdcinnovationkit
builds the next generation API-First Central-Banking Infrastructure.
EMTECH provides software, data and services that connect central banks
to other regulators and financial services providers. Our platforms
power regulatory data exchange, currency issuance and currency movement
in financial markets. Founded and Led by a former IBM Blockchain
Executive who worked on the first CBDC to be deployed in the world,
EMTECH is a market leader in modern central banking infrastructure.
is a diverse global firm leveraging technology to make financial
ecosystems inclusive and resilient by design. For more information visit
www.emtech.com and follow on Twitter and LinkedIn.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230719906206/en/