Accenture has announced an investment in fintech company EMTECH with the objective to modernise central bank operations.
The terms of the investment were not revealed.
Established in 2019, EMTECH offers software-as-a-service (SaaS) platforms to assist central banks in modernising and streamlining their operations and processes. The firm provides software, data, and services to connect central banks to other regulators and financial services providers.
Accenture’s investment, which has been made through Accenture Ventures, is aimed at supporting EMTECH in its mission to transform the financial and technological infrastructure of central banks. The modernisation will make it easier for central banks to regulate and supervise fintech companies in an increasingly digital landscape.
Both Accenture and EMTECH collaborate with financial firms to address key challenges like testing new banking applications, meeting regulatory requirements, speeding up payments and settlements, and promoting financial inclusion.
As part of this investment, Accenture will integrate EMTECH’s solutions for digital cash, regulatory sandboxes, and compliance into its core banking transformation services.
EMTECH co-founder and CEO Carmelle Cadet said: “This investment and collaboration are the result of a shared vision to guide banks in modernising their infrastructure and processes for the era of tokenisation.
“Successful digital transformation at this scale is a major undertaking that requires cutting-edge technology and industry expertise. That’s why we’re delighted to have Accenture not only investing in our mission but also ready to unlock opportunities with banks across the globe.”
According to Accenture, the investment is in line with Accenture’s ongoing commitment to supporting underrepresented entrepreneurs by providing funding, mentorship, and access to its clients and partner ecosystems.
The initiative is designed to promote innovation and create economic opportunities for business leaders from underrepresented groups.
In addition, EMTECH will join Accenture Ventures’ Project Spotlight, a programme that engages and invests in startups developing disruptive enterprise technologies. This programme offers startups access to Accenture’s expertise and enterprise clients, enabling them to further develop and scale their innovations.
Accenture banking practice managing director Oliver Reppel said: “With constant innovation and digital disruption across financial services, the need for central banks to reinvent how they operate to stay ahead of the industry has never been greater.
“Our investment in EMTECH will enable Accenture to help central banks modernise their payments systems, enhance their supervisory capabilities and develop the critical infrastructure needed for tokenisation and central bank digital currency.”
Last month, Accenture was selected by American lifetime income provider TIAA to enhance the latter’s retirement recordkeeping capabilities and operations.
