EMTECH, a Modern Central Banking Infrastructure provider, announced today its API-First Digital Regulatory Sandbox™ Platform was selected by the Bank of Ghana to modernize its regulatory review process and regulatory reporting capabilities. This decision will accelerate innovations to market to help BOG better assess their risk. The announcement confirms the groundbreaking partnership and a successful pilot which included a Ghanain Blockchain Financial Service Provider (FSP).
EMTECH’s
open platform digitizes
access to central banking services starting with the Digital Regulatory Sandbox
and Regulatory Reporting APIs. The firm’s partnership with Bank of Ghana
unlocks unprecedented value for both FSPs and regulators.
BOG
and other regulators EMTECH onboards will leverage the Platform to review
Sandbox applications officially submitted by the FSPs and assess the data
submitted via the Regulatory Reporting APIs. This delivers a modern risk
monitoring tool for regulated and yet to be regulated innovations going to
market.
According
to the Press Release on
August 19, 2022, the Bank of Ghana stated the Sandbox is “an
opportune tool for harnessing the potential of technology to develop an
efficient and inclusive financial service industry without risking financial
stability.” In 2021, Ghana received an estimated $167M in VC
equity funding fueling a growing fintech ecosystem.
This
marks the first central bank to adopt such an innovative technology built for
multi-regulator and future multi-country regulatory integration for the
ecosystem.
The
Bank of Ghana has announced the Digital Regulatory Sandbox will welcome various
Financial Service Providers, see the Sandbox Framework.
Now, FSPs can officially submit the
Sandbox application, access test APIs, and experience a dynamic platform that
simplifies regulatory reviews, compliance and real time risk monitoring while
in market.
“This
was possible because of the Bank Of Ghana’s focus, dedication and efforts. We
are very proud to be a trusted partner and applaud their vision and commitment
to innovation” says EMTECH Founder and CEO Carmelle Cadet. “Such digital
transformation for both emerging and developed financial markets, can
contribute to greater regulatory clarity, capital investments, and economic
growth over time. There’s a lot more to do, and we’re going to keep
learning. We look forward to adding value for central banks,
financial regulators and the growingFSP ecosystems.”
EMTECH
moved from beta to production and is currently onboarding more central banks
and regulators, as well as several new and established fintechs in Africa,
U.S., and the Caribbean.
Source: africamoneydefisummit.com