World News

Emtech to advance its regtech and CBDC stack solutions with $4M led by Matrix Partners India on August 3, 2023 at 8:08 am

Published

2 years ago

August 3, 2023

Emtech, an African provider of central banking infrastructure, introduced its Central Bank Digital Currency (CBDC) Innovation kit last month. The kit caters to fintechs and financial service providers interested in experimenting with solutions and business models based on digital currencies pioneered by central banks.

The New York-based business is today announcing a $4 million seed investment led by Matrix Partners India. It plans to further the development of this CBDC stack and that of its regtech solution. BTN, Vested, Equity Alliance and LoftyInc Capital are some of the other investors in the round. They join Emtech’s previous investors, including Noemis Ventures, Octerra Capital and 500 Global on its cap table. This round brings the four-year-old’s total investment to $10 million (including a $4 million pre-seed last year and a recent $2 million extension).

The CBDC Innovation Kit’s unveiling in July comes as no surprise. Last March, founder Carmelle Cadet said Emtech would deploy its first version of a CBDC platform this year. Emtech’s digital regulatory platform previously included the innovator’s center, which assists fintechs in preparing and testing requirements for numerous regulators and pre-market technological integration. The regulatory sandbox enables regulatory bodies to respond to innovations based on live testing results.

The four-year-old startup had hoped to work with at least 10 central banks by now. However, it is currently working with six. It has presently developed regtech and CBDC stack solutions for the Central Banks of Ghana, Nigeria and the Bahamas. That’s in addition to collaborating with fintechs in other countries to provide crucial regulatory and innovation insights.

“We’re the only company globally working with that many central banks at a time,” CEO Cardet told TechCrunch in a recent interview, stressing that Emtech had to open up its seed round, which took a year to complete, to follow through on the partnerships with these banks. “Like other companies, fundraising wasn’t easy because of the downturn and the FTX and Terra Luna saga. We had to manage our cash flow and resources and grow our footprint across the region while delivering for the central banks, especially now that we’re on a journey of digitizing cash infrastructure for them.”

Performance of local digital currency

Emtech also signed a collaboration deal with the West Africa Monetary Institute this June. In addition to establishing a joint central bank, the institute’s long-term objective is creating a single currency for the area. What more effective way to achieve the latter than through CBDCs? Central banks globally have been exploring and producing digital versions of their currencies for retail and wholesale use. This is to avoid leaving digital payments to the private sector as cash usage drops. With $10 trillion cash in circulation, the percentage of banks engaged in CBDC climbed from 80% to 93% in 2022. Also, according to a BIS survey, 24 central banks will have digital currencies in circulation by the decade’s end.

After raising $4 million, Emtech supports central banks across Africa, Caribbean to deploy regulatory sandboxes

Nigeria is one of just a few countries having an operational digital retail currency: the eNaira as it’s known. Yet, it’s had an abysmal acceptance despite the central bank’s incentives to make it appealing to its Nigerians. Earlier this year, the country’s cash scarcity — an ill-conceived government initiative to push for a paperless economy — demonstrated how much citizens disliked the eNaira. Per Bloomberg, less than 0.5% of Nigerians have utilized the eNaira since its inception two years ago.

The event showed that most Nigerians preferred waiting hours for cash rather than using digital money. However, Cadet feels that the eNaira’s implosion should not overshadow the relevance and benefits of CBDCs in general. “Although the eNaira was launched to major fanfare, there were missteps in planning, technology, and implementation. Most importantly, the architecture was not open to fintechs,” she stated. “What we’ve had the opportunity to do is present an alternative that is fintech-friendly. We think the fintech ecosystem has many untapped opportunities regarding CBDC.”

Deployment of the innovation kit

That’s where its newly released innovation kit comes in, she says. Emtech’s regulatory sandbox promotes relationships between central banks and fintechs regarding licensing required to go to market. Similarly, the CBDC innovation kit will provide these fintechs access to a digital cash infrastructure that banks may imitate.

Emtech’s simulated token “Beyond Cash (BYDC)” will be utilized for innovation initiatives, leveraging the Hedera Hashgraph as a layer 1 protocol and the ERC-20 (standard for tokenization). The CBDC Innovation Kit functions as a simulator accessible through APIs and a “bring your app” framework. Here, fintechs gain access to a CBDC simulator wallet BYDC and extract data from the ledger to test transactions and new business models. Emtech believes this route will close the gap observed in the current system between fintech innovation and central banking oversight.

“Our point of view has been consistent: enabling central banks to deploy their CBDC as a digital cash infrastructure safely. Imagine if the $13 trillion or more of paper cash floating worldwide was issued digitally, used and accounted for securely, in real-time and seamlessly. Imagine what fintech apps could do for their users. That’s truly exciting to us,” said the CEO, a former IBM blockchain executive, in a statement. Emtech has about 200 fintech companies on its waitlist, ready to work on the platform.

Digital assets and programmable currency in the form of regulated CBDCs, according to Aakash Kumar, principal at Matrix Partners India, may turbocharge financial inclusion in Africa. “Emtech’s vision of shaping blockchain-powered fintech infra for CBDCs and solutions for fintech regulation is compelling, and we are excited to partner with them on their journey,” he said on the firm’s investment in Emtech.

News

Pope Francis is Now in Stable Condition

Published

3 weeks ago

February 22, 2025

Bolanle Media Staff

Pope Francis, the 88-year-old leader of the Catholic Church, remains in critical condition at Rome’s Gemelli Hospital, where he has been receiving treatment for over a week. The pontiff’s health has taken a turn for the worse, raising concerns among the faithful worldwide.

Current Status

As of Saturday, February 22, 2025, Pope Francis experienced a prolonged asthma-like respiratory crisis that required high-flow oxygen treatment. The Vatican reported that his condition had deteriorated since Friday, emphasizing that “the pope is not out of danger”.

The Holy Father continues to be alert and spent the day in an armchair, although he is experiencing more discomfort than the previous day. His prognosis remains guarded, indicating the seriousness of his condition.

Medical Challenges

Pope Francis is battling a complex set of medical issues:

The pope’s medical team faces the challenge of balancing various medications to combat these issues while monitoring for potential complications, such as sepsis.

Treatment and Outlook

The Vatican has confirmed that Pope Francis will remain hospitalized for at least another week. He is receiving targeted drug therapy and high-flow oxygen as needed. While he is not on a ventilator and can breathe independently, his condition requires close monitoring.

Dr. Luigi Carbone, the pope’s personal physician, stated, “He is not out of danger,” highlighting the delicate nature of the pontiff’s health.

Impact on Vatican Activities

In light of the pope’s condition, all public engagements on his schedule have been suspended through Sunday. The Vatican is carrying on with its Holy Year celebrations without the pope’s presence.

As the Catholic world watches and prays for Pope Francis’s recovery, the Vatican continues to provide updates on his condition. The situation remains fluid, and both positive and negative outcomes are possible given the complexity of the pope’s health issues.

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Business

HRM Queen Shanta Lana Hereford Delivers Powerful Speech on Global Peace

Published

3 weeks ago

February 20, 2025

Bolanle Media Staff

New Delhi, India – February 16, 2025 – Her Royal Majesty Queen Shanta Lana Hereford, a distinguished global leader and advocate for peace and economic empowerment, was a special
guest speaker at an international event hosted by the EurAsia Afro Chamber of Commerce. The
hybrid event, aired live from New Delhi, India, gathered influential leaders, policymakers, and business executives from around the world to discuss global cooperation, economic diplomacy, and sustainable peace.

Queen Shanta delivered a compelling speech titled “Creating a Framework for a Global Peace Charter,” emphasizing the need for a justice-centered, faith-driven approach to global peace. She outlined a transformative vision, calling for governments, businesses, and faith leaders to unite to draft policies integrating equity, economic accountability, and environmental stewardship into global governance.

“The pursuit of peace is not just the absence of war; it is the presence of justice, dignity, and
opportunity for all, ” Queen Shanta stated. “We must move beyond just talking and establish
actionable frameworks that empower nations and communities to achieve lasting prosperity and peace.”

The EurAsia Afro Chamber of Commerce, under the leadership of its founder and chairman, Dr. Rohit Gupta, is dedicated to fostering economic and cultural collaboration between Africa, Asia, and Europe. The organization aims to create a strong, interconnected business network
bridging these regions, facilitating pathways for economic prosperity and diplomatic relations.
As a prolific leader within the African American diaspora and a global advocate for its
advancement, HRM Queen Shanta Lana Hereford is actively exploring opportunities for trade
and commerce between Africa, Asia, Europe, and other international communities.

Through her affiliations with organizations such as The African Diaspora Collective, The Atlanta Black Chambers, The Black Achievement Fund, The National Business League, The 10K Project, and many others, she is championing economic initiatives that build sustainable supply chains and foster strategic partnerships.

Her mission is to create economic opportunities for Black entrepreneurs and business leaders in America, who have historically been excluded from global trade discussions. By forging these international connections, Queen Hereford is working to ensure that Black communities in the U.S. not only have a seat at the table but play a key role in shaping the future of international commerce, economic empowerment, and global policy.

The event featured several other distinguished guests, including:
● Dr. Rohit Gupta: Founder and Chairman of the EurAsia Afro Chamber of Commerce,
Dr. Gupta has been instrumental in promoting cross-continental business relationships
and trade.
● H.E. Bishop Dr. Samsher Khan: Founder of the BSK Prayer Tower and IRKT, Bishop
Dr. Khan serves as a Peace Ambassador for the International Human Rights
Commission (IHRC) and holds the position of Asia’s Social Media Editor. He is dedicated
to promoting peace and spiritual well-being across communities.
● Madam Sadhvi Pragya Bharti: Sadhvi Pragya Bharti is a spiritual leader, humanitarian,
and national media panelist known for her advocacy of social and educational reforms
rooted in spirituality and justice.

The event underscored the importance of strategic economic partnerships as a tool for
peacebuilding, aligning with Queen Hereford’s global mission of self-determination and
economic sovereignty for Black and Indigenous communities worldwide.

As part of her continued advocacy, Queen Hereford urged global stakeholders to collaborate on
drafting a Global Peace Charter, organizing annual Global Peace Assemblies, and
implementing economic policies that uplift marginalized communities.

This event marks a significant milestone in international diplomacy, reinforcing the role of
economic and cultural cooperation in shaping a peaceful and prosperous future for all.

For media inquiries, interviews, or further information, please contact:
H.E. Roselyn Omaka
National Press Secretary, Nation of Cherut
Email: nps@nationofcherut.org
Phone: 281.301.5535

News

Terror Attacks in New Orleans and Las Vegas Linked

Published

2 months ago

January 2, 2025

Bolanle Media Staff

The start of 2025 has been marred by two horrific terror attacks in the United States, one in New Orleans and another in Las Vegas, both occurring on New Year’s Day. These incidents have left communities reeling and have raised concerns about potential connections between the suspects involved.

In New Orleans, a truck driven by 42-year-old Shamsud-Din Jabbar plowed into a crowd celebrating on Bourbon Street, resulting in at least 15 deaths and over 30 injuries. Eyewitnesses reported that Jabbar, a U.S. Army veteran from Texas, deliberately targeted pedestrians while flying an ISIS flag from his vehicle. Following the attack, he exited the truck armed with an assault rifle and opened fire on police officers before being killed in the ensuing confrontation. Authorities discovered improvised explosive devices (IEDs) within his vehicle and in the vicinity of the attack site, further confirming the premeditated nature of this act of terrorism.

Simultaneously, a separate incident unfolded in Las Vegas when a Tesla Cybertruck exploded outside the Trump International Hotel. The driver, identified as Matthew Livelsberger, also had a military background and was reported to have detonated the vehicle packed with firework mortars and fuel, resulting in his death and injuring seven others. Investigators are exploring whether Livelsberger and Jabbar had any prior connection, as both men served at the same military base at different times.

While the FBI has confirmed that they are investigating both attacks as acts of terrorism, they have not established a definitive link between the two incidents. However, similarities in their execution—both suspects rented vehicles from the same company—have prompted further scrutiny into their backgrounds and any potential accomplices.

As investigations continue, authorities are urging anyone with information about either suspect to come forward. The tragic events have sparked discussions about security measures in public spaces, particularly as cities prepare for large gatherings in the coming months.

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