NEW YORK, NY, Aug. 23, 2022 (GLOBE NEWSWIRE) — EMTECH, a Modern Central Banking Infrastructure supplier, introduced as we speak its API-First Digital Regulatory Sandbox™ Platform was chosen by the Bank of Ghana to modernize its regulatory overview course of and regulatory reporting capabilities. This choice will speed up improvements to market to assist BOG higher assess their threat. The announcement confirms the groundbreaking partnership and a profitable pilot which included a Ghanain Blockchain Financial Service Provider (FSP).
EMTECH’s open platform digitizes entry to central banking companies beginning with the Digital Regulatory Sandbox and Regulatory Reporting APIs. The agency’s partnership with Bank of Ghana unlocks unprecedented worth for each FSPs and regulators.
BOG and different regulators EMTECH onboards will leverage the Platform to overview Sandbox purposes formally submitted by the FSPs and assess the information submitted by way of the Regulatory Reporting APIs. This delivers a contemporary threat monitoring device for regulated and but to be regulated improvements going to market.
According to the Press Release on August 19, 2022, the Bank of Ghana said the Sandbox is “an opportune device for harnessing the potential of expertise to develop an environment friendly and inclusive monetary service business with out risking monetary stability.” In 2021, Ghana received an estimated $167M in VC equity funding fueling a growing fintech ecosystem.
This marks the first central bank to adopt such an innovative technology built for multi-regulator and future multi-country regulatory integration for the ecosystem.
The Bank of Ghana has announced the Digital Regulatory Sandbox will welcome various Financial Service Providers, see the Sandbox Framework. Now, FSPs can officially submit the Sandbox application, access test APIs, and experience a dynamic platform that simplifies regulatory reviews, compliance and real time risk monitoring while in market.
“This was possible because of the Bank Of Ghana’s focus, dedication and efforts. We are very proud to be a trusted partner and applaud their vision and commitment to innovation” says EMTECH Founder and CEO Carmelle Cadet. “Such digital transformation for both emerging and developed financial markets, can contribute to greater regulatory clarity, capital investments, and economic growth over time. There’s a lot more to do, and we’re going to keep learning. We look forward to adding value for central banks, financial regulators and the growingFSP ecosystems.”
EMTECH moved from beta to production and is currently onboarding more central banks and regulators, as well as several new and established fintechs in Africa, U.S., and the Caribbean.
EMTECH 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.
EMTECH was founded by a woman who helped pioneer the world’s first Central Bank Digital Currency (CBDC). EMTECH is a diverse global firm that makes financial ecosystems inclusive and resilient by design. For more information, visit www.emtech.com