Information and financial technology services company Accenture has invested in fintech startup Emtech, which provides software-as-a-service to central banks and fintech companies, reports Cointelepgraph. Accenture plans to integrate Emtech products into its core banking services.
Emtech was founded in 2019 by former IBM Blockchain executive Carmelle Cadet. It counts seven central banks — those of Ghana, Nigeria, Guinea, Liberia, Sierra Leone, Gambia and the Bahamas — among its clients. It also created a central bank digital currency (CBDC) proof-of-concept for the Bank of the Republic of Haiti.
In addition to the infrastructure for CBDC, Emtech offers a regulatory sandbox feature and is developing a compliance feature for financial service providers. Emtech states that it has over 200 fintech clients. Cadet said in a statement:
“This investment and collaboration are the result of a shared vision to guide banks in modernizing their infrastructure and processes for the era of tokenization. Successful digital transformation at this scale is a major undertaking that requires cutting-edge technology and industry expertise.”
The terms of the Accenture investment were not disclosed. Emtech will also join the Accenture Venture Project Spotlight accelerator. In August 2023, Emtech received $4 million in seed investment, following a $6 million pre-seed investment in 2022.
