Accenture invests in mtech to strengthen CBDC, fintech solutions
Information and financial technology services company Accenture has invested in fintech startup Mtech, which provides software-as-a-service to central banks and fintech companies. Accenture plans to integrate MTech products into its core banking services.
MTech in 2010 It was founded in 2019 by Carmel Cadet, a former IBM Blockchain executive. It counts seven central banks – those of Ghana, Nigeria, the Republic of Guinea, Liberia, Sierra Leone, Gambia and the Bahamas – among its clients. He also created the Certificate of Central Bank Digital Currency (CBCC) for the Bank of the Republic of Haiti.
For central banks and fintech services
In addition to the CBCC infrastructure, MTech offers a regulatory sandbox feature and is developing a compliance feature for financial service providers. MTech claims to have more than 200 fintech clients. In a statement given by Cadet:
“This investment and collaboration is the result of a shared vision for banks to modernize their infrastructure and processes to lead the tokenization era. Successful digital transformation at this scale is a huge undertaking that requires technology and industry know-how.
Terms of Accenture's investment were not disclosed. MTech also joins Accenture's Venture Project Spotlight Accelerator. In the year In August 2023, MTech received a $4 million seed investment following a $6 million pre-seed investment in 2022.
MTech uses a consolidated accounting model for CBC services. In the year In 2021, it partnered with Hedera Hashgraph to provide Hedera Token Service and Hedera Consensus Services. In the year In July 2023, it introduced the CBC Innovation Kit simulation, which features pre-built application programming interfaces.
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Gathering together in a known region
Highlighting is not new to the CBDC scene. He has worked with the Bank of Canada, the Monetary Authority of Singapore, the European Central Bank and the Riksbank of Sweden.
Source: MTech
Accenture and MTech have teamed up on the Digital Dollar project, led by former Commodity Futures Trading Commission chief J. Accenture is a founding member of the organization, and MTech joined its technical internship program in 2022.
Most of the world's central banks are investigating or experimenting with CDCCs.
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