EMTECH, which is on a mission to drive financial inclusion around the world, has reportedly raised $4m in funding.
The seed round was supported by Noemis Venture, Octerra Capital, Consonance Invest, XFactor Ventures, 500 Global, Canaan Partners, and Andrew Lundsten, according to a report from TechCrunch.
EMTECH is a central bank digital infrastructure provider. It is aimed at emerging markets where payments infrastructure needs alignment with digital innovations. Through this, it hopes to help introduce new products, promote financial inclusion and improve security.
The firm launched with one central bank in 2021 and has already extended this with five regulators signing up for pilots and onboarding, it said. The company is working with regulators in Africa and the Caribbean.
Its technology helps to modernise central banks and regulatory environments. Its 360 supervisory technology digitises the application review process, regulatory sandboxes, licensing, compliance and supervision. Through this, central banks can de-risk FinTech with real-time consumer protection, cyber risk and AML/KYC data.
It also enables regulation by providing evidence-based input for regulatory changes and regulatory frameworks. Other benefits include accelerating FinTech development and financial inclusion and boosting communication with players.
EMTECH recently launched its digital regulatory platform. This includes the innovator’s centre, which helps FinTechs prepare and test the requirements of regulators. It also includes a regulatory sandbox that helps companies launch in a safe environment.
Earlier in the year, EMTECH partnered with Haitian FinTech HaitiPay to demo a CBDC and what impact it could have on the economy.
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