EMTECH is enabling global financial inclusion by leveraging technology to transform financial ecosystems.
Countries Exploring CBDCs
Of Global Currencies & Derivatives
Unbanked People Worldwide
INDUSTRY
Financial Services
USE CASE
Decentralized Finance
OVERVIEW
EMTECH is leveraging the Hedera network to help drive financial inclusion by connecting the unbanked to the global financial system and enabling ease of access to central banks and banking services organizations.
CHALLENGE
EMTECH works in an environment where trust is absolutely necessary – both with the unbanked population who they strive to serve and banking and financial systems that have unique regulatory and compliance requirements. Transparency, low costs, and enterprise-grade security, as well as regulatory specific functionalities are fundamental requirements.
SOLUTION
EMTECH decided on Hedera as the public ledger to build their platform on thanks to the ability to manage high transaction volumes of 10,000 per second at low cost, enterprise-grade security, and transparency. All which are critical to the mission of serving the unbanked, supporting the financial institutions that can serve them, and maintaining strict adherence to regulatory guidelines and consumer protections.
EMTECH drivers and requirements for enabling financial inclusion at scale
Currently, almost 2 billion people are unbanked worldwide - meaning they lack access to global financial networks. In order to serve this population and remove the barriers standing in the way of access, EMTECH realized there needed to be a modern, decentralized, central banking infrastructure in place in the countries where the unbanked live.
This infrastructure needed to not only easily integrate with existing, and often antiquated, financial systems, but also enforce regulatory requirements, ensure consumer protections, and quickly scale to support the populations EMTECH wants to reach. Additionally, in order to unlock investment and commerce, financial service providers needed to be able to easily participate and make their offerings available. All at low costs and in a transparent, highly trustworthy manner through an immutable and verifiable record of activity.
EMTECH on Hedera: a financial app serving the unbanked through low transaction costs, total transparency, and trust
EMTECH is leveling the finance landscape by offering modern central banking and financial services solutions that address the demand of financial inclusion and market resilience. EMTECH’s platform is built on the Hedera network specifically to take advantage of the value that Hedera can deliver to this segment of the global economy. This includes extremely low transaction costs, of less than $.0001 USD, which is critical to overcoming one of the main hurdles for connecting the unbanked to financial institutions – the expense of owning and maintaining an account.
Another part of the appeal of Hedera to EMTECH is the transparency of all activity on the Hedera network. In many areas where trust in banking can be a challenge, Hedera’s openness through its ability to show verifiable timestamps for every transaction, as well as the network being powered by the hashgraph consensus algorithm, achieving the highest-grade of security possible, has helped EMTECH to overcome this challenge.
EMTECH leverages the Hedera API to connect their platform to the public ledger, enabling ease of integration with complex and highly regulated central banking systems, as well as those of participating financial services organizations. On the customer side EMTECH is able to ensure consumer protections through KYC/AML support, and minimize the risk of fraudulent transactions. All of this contributes to one of EMTECH’s goals of accelerating safe and innovative fintech solutions that service the unbanked of the world.
Hedera is not affiliated with, and does not sponsor or endorse this project.
BUILDING THE FUTURE TOGETHER