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

3 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.

Business

GLOBAL SUSTAINABILITY SUMMIT RETURNS FOR ITS 5TH EDITION AT THE BRITISH PARLIAMENT – HOUSE OF LORDS, PALACE OF WESTMINSTER

Published

1 week ago

May 16, 2026

Bolanle Media Staff

FOR IMMEDIATE RELEASE

Theme: “People, Planet, and Profit in the Age of AI and Innovation”

London, United Kingdom — The Global Sustainability Summit (GSS) is officially back for its landmark 5th Edition, continuing its legacy as one of the leading international platforms driving sustainable development, climate action, ethical investment, innovation, and global collaboration.

Convened annually at the prestigious British Parliament, House of Lords, Palace of Westminster, by Ambassador Canon Chinenem Otto, the Summit has, over the last four years, successfully fostered international dialogue and partnerships that have contributed to the advancement of global sustainability goals, the establishment of sustainability-focused ministries, departments and policy structures across national and subnational governments, and the attraction of major investors into sustainable development projects, corporations and emerging economies.

This year’s summit, themed “People, Planet, and Profit in the Age of AI and Innovation,” will explore how emerging technologies, responsible leadership, sustainable finance, innovation, and global partnerships can shape a more inclusive, resilient and environmentally conscious future.

The 5th Edition promises to be the most impactful yet, bringing together world leaders, policymakers, diplomats, investors, academics, innovators, climate experts and youth leaders from across the globe to discuss actionable solutions toward achieving a sustainable and equitable future.

Among the distinguished speakers, delegates and honorees already lined up for the Summit are:

• His Excellency Mallam AbdulRahman AbdulRazaq — Executive Governor of Kwara State, Nigeria and Chairman of the Nigeria Governors’ Forum

• His Excellency Senator Prince Bassey Otu — Executive Governor of Cross River State, Nigeria

• Ambassador Patricia Espinosa Cantellano — Former Executive Secretary of UN Climate Change (UNFCCC) and Former Foreign Minister of Mexico

• Lord Marvin Rees, Baron Rees of Easton OBE — Member of the House of Lords, United Kingdom

• Hon. Neema K. Lugangira — Secretary-General of Women Political Leaders (WPL), Brussels and Former Member of Parliament

• Her Excellency Dr. Netumbo Nandi-Ndaitwah — President of the Republic of Namibia

• His Excellency Nangolo Mbumba — Former President of Namibia

• Former President of Tanzania

• Her Excellency Ambassador Professor Olufolake AbdulRazaq — First Lady of Kwara State, Nigeria and Chairperson of Nigeria Governors’ Spouses Forum

• Your Excellency Dr. Dikko Umar Radda, PhD, CON — Executive Governor of Katsina State and Chairman of the Northwest Governors Forum, Nigeria

• Hon. Sam Shafiishuna Nujoma — Governor of Khomas Region, Namibia

• H.E. Mr. Veiccoh Nghiwete — High Commissioner of the Republic of Namibia to the United Kingdom

• Her Excellency Ms. Macenje “Che Che” Mazoka — High Commissioner of Zambia to the United Kingdom

• Ms. Danielle Newman — Partner Lead, ICT, World Economic Forum

• Leanne Elliott Young — Co-founder, Institute of Digital Fashion & CommuneEast

• Ms. Chloe Russell — Producer & Presenter, Art, Science and Nature

• Professor Marie-Claire Cordonier Segger — University of Cambridge & University of Waterloo

• Dr. Alexandra R. Harrington — IUCN World Commission on Environmental Law (WCEL)

• Professor Payam Akhavan — Massey College, University of Toronto

• Mr. Mallai C. E. Sathya — President, Dravida Vetri Kazhagam and International Movement for Tamil Culture Asia

The Summit will feature high-level panel discussions, strategic investment conversations, sustainability awards, policy dialogues, innovation showcases, youth engagement sessions and international networking opportunities focused on climate resilience, ethical financing, food-water-energy sustainability, circular economy, artificial intelligence, diplomacy and sustainable development.

Speaking ahead of the Summit, Convener Ambassador Canon Chinenem Otto noted:

“As the world rapidly evolves through artificial intelligence and technological innovation, we must ensure that sustainability remains people-centered, environmentally responsible and economically inclusive. The Global Sustainability Summit continues to serve as a bridge connecting governments, institutions, innovators and investors to accelerate practical sustainability solutions globally. Our fifth edition is not only a celebration of progress made over the years, but also a renewed call for global collaboration and actionable impact toward achieving the Sustainable Development Goals and Net Zero ambitions.”

The Global Sustainability Summit continues to position itself as a catalyst for transformative partnerships and sustainable global progress, reinforcing the urgent need for collective action toward a more resilient and sustainable future.

More announcements regarding additional speakers, partners and summit activities will be unveiled in the coming weeks.

News

US May Completely Cut Income Tax Due to Tariff Revenue

Published

6 months ago

November 30, 2025

Bolanle Media Staff

President Donald Trump says the United States might one day get rid of federal income tax because of money the government collects from tariffs on imported goods. Tariffs are extra taxes the U.S. puts on products that come from other countries.

What Trump Is Saying

Trump has said that tariff money could become so large that it might allow the government to cut income taxes “almost completely.” He has also talked about possibly phasing out income tax over the next few years if tariff money keeps going up.

How Taxes Work Now

Right now, the federal government gets much more money from income taxes than from tariffs. Income taxes bring in trillions of dollars each year, while tariffs bring in only a small part of that total. Because of this gap, experts say tariffs would need to grow by many times to replace income tax money.

Questions From Experts

Many economists and tax experts doubt that tariffs alone could pay for the whole federal budget. They warn that very high tariffs could make many imported goods more expensive for shoppers in the United States. This could hit lower- and middle‑income families hardest, because they spend a big share of their money on everyday items.

What Congress Must Do

The president can change some tariffs, but only Congress can change or end the federal income tax. That means any real plan to remove income tax would need new laws passed by both the House of Representatives and the Senate. So far, there is no detailed law or full budget plan on this idea.

What It Means Right Now

For now, Trump’s comments are a proposal, not a change in the law. People and businesses still have to pay federal income tax under the current rules. The debate over using tariffs instead of income taxes is likely to continue among lawmakers, experts, and voters.

News

Epstein Files to Be Declassified After Trump Order

Published

6 months ago

November 20, 2025

Bolanle Media Staff

Former President Donald Trump has signed an executive order directing federal agencies to declassify all government files related to Jeffrey Epstein, the disgraced financier whose death in 2019 continues to fuel controversy and speculation.

The order, signed Wednesday at Trump’s Mar-a-Lago estate, instructs the FBI, Department of Justice, and intelligence agencies to release documents detailing Epstein’s network, finances, and alleged connections to high-profile figures. Trump described the move as “a step toward transparency and public trust,” promising that no names would be shielded from scrutiny.

“This information belongs to the American people,” Trump said in a televised statement. “For too long, powerful interests have tried to bury the truth. That ends now.”

U.S. intelligence officials confirmed that preparations for the release are already underway. According to sources familiar with the process, the first batch of documents is expected to be made public within the next 30 days, with additional releases scheduled over several months.

Reactions poured in across the political spectrum. Supporters praised the decision as a bold act of accountability, while critics alleged it was politically motivated, timed to draw attention during a volatile election season. Civil rights advocates, meanwhile, emphasized caution, warning that some records could expose private victims or ongoing legal matters.

The Epstein case, which implicated figures in politics, business, and entertainment, remains one of the most talked-about scandals of the past decade. Epstein’s connections to influential individuals—including politicians, royals, and executives—have long sparked speculation about the extent of his operations and who may have been involved.

Former federal prosecutor Lauren Fields said the release could mark a turning point in public discourse surrounding government transparency. “Regardless of political stance, this declassification has the potential to reshape how Americans view power and accountability,” Fields noted.

Officials say redactions may still occur to protect sensitive intelligence or personal information, but the intent is a near-complete disclosure. For years, critics of the government’s handling of Epstein’s case have accused agencies of concealing evidence or shielding elites from exposure. Trump’s order promises to change that narrative.

As anticipation builds, journalists, legal analysts, and online commentators are preparing for what could be one of the most consequential information releases in recent history.