EMTECH, a central bank digital currency (CBDC) infrastructure provider, has teamed with Haitian FinTech HaitiPay to demo a CBDC and what impact it could have on the economy.
According to FinTech Finance, both companies – who have worked on the project for a number of months – have unveiled the first functional test of a potential CBDC being distributed and used in Haiti for both the banked and unbanked population.
HaitiPay co-founder Pascale Elie said, “We are excited to collaborate with EMTECH and showcase how CBDC and fintechs can accelerate the digitalisation of a cash-based economy. According to the 2018 Finscope survey, 56% of Haiti’s population doesn’t have access to formal financial services. On the other hand, 67% of the population has access to a phone. We leverage this connectivity to build the new rails that will enable better access to financial services at the Bottom of the Pyramid.”
HaitiPay CEO Georges Andy René added, “We are competing with cash. We engineered our wallet to be universal and telecom agnostic. We convert any basic feature phone into an electronic payment device. From street merchants to rural farmers, our wallet is the solution to accessing digital financial services. With our API enabled platform, we develop a new baseline ecosystem in Haiti, where security and traceability of transactions are building trust and unlocking value for Haiti’s young population.”
EMTECH CEO and founder Carmelle Cadet also remarked, “In joining forces with HaitiPay, we aim to show how a digital cash infrastructure enables the central bank to integrate much more easily with regulated FinTechs to power the digital and inclusive economy. This implementation comes as a turnkey solution that will become accessible for FinTechs, banks and other stakeholders to pilot via our open platform at app.emtech.com later this year. We want to help central banks safely engage their ecosystem in a way that will drive financial literacy, trust, and capacity building.”
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