EMTECH, a first-of-its-kind fintech for central banks, announced today that Chief Executive Officer Carmelle Cadet has been selected to provide testimony about digitizing the U.S. Dollar with blockchain technology to the United States House of Representatives Committee on Financial Services and Task Force on Financial Technology. Recognized as the leading voice in the fintech space for broad innovation at the central banking level, backed by a team of innovators and former central bankers, Cadet has a history in technology and finance combined with expertise in banking, blockchain and cryptocurrency. Her testimony before the House Committee draws on her work with other central banks as EMTECH CEO, as well as more than ten years at IBM, including IBM Blockchain Financial Services.
Presenting before the committee on June 15, 2021, Cadet lent powerful expertise and direction on technological infrastructure, privacy, and financial inclusion implications of central bank digital currencies (CBDC). Cadet’s testimony included the potential for the U.S. to revolutionize its current financial infrastructure to be modern, resilient, efficient and inclusive. Further, Cadet provided guidance on how CBDC could benefit every American and a technological framework for utilizing cryptographic technology and blockchain.
“Digital Cash issued by the central bank can reflect and strengthen American values implicit in sovereign control of currency, while enhancing the competitiveness of the U.S. currency as well as U.S. financial technology,” Cadet told the House Committee.
On June 9, 2021, the Senate Committee on Banking, Housing, and Urban Affairs Subcommittee on Economic Policy heard testimony about the use of CBDC for financial inclusion. Today, Cadet expanded on innovative concepts such as a “Fed Wallet” and a “Green CBDC” with the members of the House Committee.
“To address the challenges of today and capture the opportunities of tomorrow in the era of CBDC, central banks should strategically deploy an actionable sandbox framework to solve key challenges and conduct safe innovation in order to test those CBDC concepts,” said D.R. Maurice, Chief Risk and Policy Officer at EMTECH.
“The era of central bank innovation is here. The use of distributed ledger technologies (DLT / Blockchain), Application Programming Interface (APIs), and Data Analytics offer central banks new tools to be effective regulators and collaborators in innovation,” added Cadet.
With its Modern Central Bank Sandbox™, EMTECH is targeting this market and equips central banks with a robust innovation mindset and innovation toolset to securely test their own innovation, such as CBDC. Further, the sandbox provides the ability to collaborate with the broader ecosystem of private sector innovators and established stakeholders on one platform to bring fintech technologies to market faster, while addressing key regulatory reporting, risk and innovation challenges.
On February 25, 2021, the Bank of Ghana announced its pilot with EMTECH’s Modern Central Bank Sandbox platform, with the goal to reduce time to market for new business models and for regulators to learn about innovation faster. Central Bank of the Bahamas, and WiPay Caribbean are currently leveraging the New York-based company’s solutions and services.
The U.S. House Committee on Financial Services oversees all components of the nation’s house and financial services sectors including banking, insurance, real estate, public and assisted housing, and securities. This includes providing solutions to America’s estimated 14.1 million unbanked and underbanked populations (FDIC).
Cadet immigrated to the United States from Haiti at the age of 16 and spent her first years in America as an unbanked and underbanked person. Her experiences are the driving force of her work in financial inclusion today.
For more information about EMTECH and its solutions, visit https://futuremtech.com/.
EMTECH is a fintech company that modernizes central banks with highly secure, cloud-based software services designed for innovation and resilience in the era of open banking and digital currency. It designs and builds powerful digital-based currency solutions for central banks around the world, configured to their unique economy. The company was founded in 2019 and is based in New York, New York. For more information, visit https://futuremtech.com/