EMTECHa Modern Central Banking Infrastructure company, successfully delivered a 12-week CBDC Hackathon as a strategic pilot for the Bank of Ghana.
This is the company’s latest technical collaboration with the Bank of Ghana, following the development of the Digital Regulatory Sandbox.
Details
Announced on October 3, 2023 at Money & DeFI Summit by the Bank of Ghana, the eCedi Hackathon has emerged as a historic flagship CBDC innovation challenge led by the Bank of Ghana, showing how a central bank can partner with the innovation, banking and fintech ecosystems while driving its own innovation. This collaboration is key to validating market needs, testing technical capabilities, educating stakeholders and ensuring private sector alignment, before introducing a final solution.
Digging deeper
of EMTECH Beyond Cash™ The solution was designed as a Web3-enabled digital cash infrastructure that can not only work with established payment rails, but also enable newer financial products to be securely built.
As Central Bank Digital Currency (CBDC) enters the development phase for many central banks, more are exploring their strategy to bring a digital version of central bank money (cash) into the age of Fintech, Open Banking, Web3 and AI. As a foundation, EMTECH’s Digital Cash Infrastructure is designed to make cash accessible, interoperable and reliable in this era.
Bank of Ghana’s successful pilot of its web3-enabled technology stack demonstrated insight and leadership. It also establishes a standard of “How To CBDC for the Web3 era” while working with banks and fintech ecosystems
EMTECH CEO Carmelle Cadet
In order to achieve the goals of financial inclusion and access, it is a unique opportunity for future “monetary infrastructures” to leverage new technologies such as APIs, Distributed Ledgers, Smart Contracts and Tokenization that further encourage product innovation that will ultimately be easy, low cost and faster for businesses and consumers.
Driving The News
The initiative successfully brought together developers, banks, fintech innovators and the Bank of Ghana to pilot how EMTECH’s CBDC solution could achieve key objectives and be used in use cases relevant to the Ghanaian market such as merchant payments, government payments , lending, crowdfunding, transparent taxation, etc. With partners such as West Africa, Ghana Fintech Association, HBAR Foundation and KPMG, the effort was considered groundbreaking in many ways.
After receipt 88 applicationsthe CoE after all selected 10 participants who used a dedicated hackathon platform, received institutional wallets and 1,000 BYDC-eCedi tokens from the BoE to prototype various solutions. They were then granted access to pre-built BYDC-eCedi APIs, which facilitated technical integration as well as standardizing how and who can create wallets for end users or how to trade the tokens. All transactions were conducted using Hedera’s token and public ledger services that used an ERC-20 token standard and provided transaction transparency with the privacy of a user’s information.
What they say
According Dr. Ernest Addisonthe Governor of the Bank of Ghana at the eCedi Hackathon Awards Dinner:The call for proposals targeted innovative ideas that leverage CBDC tokens and APIs to create original solutions or develop tools that will promote the use of eCedi in various sectors of the economy and with different payment scenarios.” He later thanked: “EMTECH, the partner of the Bank of Ghana in the conception, planning, design and implementation of this event, we are very grateful for your cooperation.”
CEO of EMTECH Carmelle Cadet adds: “Bank of Ghana’s successful pilot of its web3-enabled technology stack demonstrated insight and leadership. It is also establishing a standard of “How To CBDC for the Web3 era”, while working with banks and fintech ecosystems. There is a real opportunity to unleash the potential we know exists in fintech to make finance more inclusive and resilient. The CBDC Hackathon Kit is a turnkey solution designed to make it a low-risk, low-cost and easy-to-use solution for central banks to eventually deploy their CBDC successfully.”
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