EMTECH, the modern worldwide provider of central banking digital infrastructure, today announced it has launched the first multi-country and multi-regulator solution for central banks, financial regulators and Fintech solution providers, the EMTECH Digital Regulatory Platform (DRP).
The DRP is a groundbreaking solution that integrates an open “Innovator’s Center” for pre-regulatory activities to the dedicated Digital Regulatory Sandbox™ of various regulators in different countries, with a seamless, rich and friendly user experience.
Starting with the Bank of Ghana pilot last year, EMTECH has moved from Beta into Production and is now onboarding 5 central banks and regulators, and servicing several new and established Fintechs in Africa, U.S. and the Caribbean.
The platform marks the first multi-country and multi-regulator solution that efficiently connects an innovative Fintech ecosystem with central banks and financial regulatory-bodies. EMTECH’s DRP provides a stable and modular infrastructure where central banks can uphold their role as regulators while offering modern, digital and tech-focused regulatory frameworks that encourage innovation.
For Fintech companies interested in testing yet-to-be regulated products, services and business models, navigating the regulatory requirements and request for review for each country’s market is quite complex. As new disruptive technologies continue to be developed, including a Central Bank’s own Digital Currency (CBDC), the regulatory landscape not evolving fast enough continues to be a significant hindrance for Fintech companies globally. The EMTECH Solution announced today addresses a major pain point for those financial sector stakeholders to interact seamlessly in observing, testing and assessing the consumer protection risk, product market performance, viability and ensuring resilience in the overall market.
“Fintech innovation is set to change how money reaches un(der)banked populations, small businesses and how it moves anywhere in the world,” said Carmelle Cadet, Founder and CEO at EMTECH. “With this First of Its Kind Regulatory Platform, we are delivering on our mission to leverage technology to give more inclusive and resilient financial markets in emerging and transitional markets. We are humbled to be able to work with so many central banks and regulators on this once in a lifetime opportunity to leapfrog regulatory environments with the focus on solving tough challenges.”
“EMTECH’s focus on building Developer-Friendly APIs for Fintechs enables them to embed compliance requirements for the Digital Regulatory Sandbox directly into their products and go to market faster,” said Tabor Wells, EMTECH’s CTO.
Central banks’ attraction to the solution also reflects EMTECH’s unique value proposition in building “For Modern Central Banking”. The firm is breaking into a new market and the timing couldn’t be better with the idea of sending money becoming a borderless activity, especially as central banks and regulators start to engage in cryptocurrencies and virtual (blockchain-based) assets. With that in mind, the DRP is designed to help central banks understand new financial services such as Private Stablecoin Issuance and Virtual Asset Exchange with pre-defined dedicated Single APIs that capture only relevant data for reporting.
EMTECH’s DRP offers a fully integrated experience starting with the Innovator’s Center and each Central Bank’s Regulatory Sandbox for a seamless regulatory review process. DRP is where Fintech innovation and modern regulation meet to safely address the needs of the un(der)banked, drive economic development and power regulatory and payment innovations for the future.
EMTECH DRP product features central banks and Fintechs care about include:
Innovator’s Center – A pre-regulatory space where Fintechs prepare and test requirements for multiple countries and regulators. app.emtech.com
Test Regulatory Reporting APIs – A set of technical integration to be done prior to go to market for different Fintech service types
Digital Sandbox Application – A fully digitized application process with automated workflows
Regulatory Sandbox – A regulated innovation space where Fintechs go to market based on limits set by the central bank or regulator
Live Regulatory Reporting APIs & Dashboard – Reporting Live data to meet regulatory sandbox requirements
EMTECH will be showcasing their Digital Regulatory Platform in the coming months with central banks and regulators. With today’s announcement, Fintechs can sign up on app.emtech.com to start their regulatory journey.
