Home » A former IBM finance leader is on a blockchain-based mission to get central banks to use digital currency

A former IBM finance leader is on a blockchain-based mission to get central banks to use digital currency

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Over the last few years, many employees, including finance professionals and CFOs, have chosen to leave their jobs in search of more meaningful or mission-driven work.

Alyse Bodine, Managing Partner and Global Head of Treasurer Practice at Heidrick & Struggles, said: told me.

After a 10-year career in finance and technology at IBMCarmelle Cadet has pivoted its efforts towards financial inclusion. Founder and CEO.

Cadet joined IBM through an internship program and was hired as a financial analyst. But her path was towards leadership. “When IBM’s blockchain division was launched, I became deputy CFO,” she told me. “When I joined the department, I was on maternity leave and packed Bitcoin lessons. Youtube While feeding the baby,” Cadet sarcastically. But when she returned to her job, she said, “I started running.”

Carmelle Cadet is the CEO and founder of EMTECH, a financial technology company.

Courtesy of Mtek

Cadet believes that blockchain has the ability to represent assets virtually, by ensuring transparency and a clear understanding of who owns it and who holds it at a given point in time. , we believe it has the potential to transform. For example, “CFOs understand the difficulty of coordination in finance,” she says. “This is partly because all the numbers are moving on different systems. Blockchain really changes that.”

In her role as Deputy CFO, she was responsible for driving global product commercialization and financial management strategies. “We came up with a product aimed at digitizing money, but realized there were still problems with the system,” she says. “Regulators and central banks didn’t really understand what the technology was.”

But for cadets, the quest is more than just academic.

I moved to the United States from Haiti when I was 16 and spent the first few years without a bank account. If central banks use this technology to digitize banknotes, “financial markets could be designed to be inclusive and resilient,” creating liquidity that benefits small businesses and individuals. she says she can.

Leaving her company job was a very big decision. “She spent years researching before jumping in,” she says.cadet started M-Tech Her son was two at the time, she says, and her husband was very supportive. However, it took some time before her mother returned. She said, “I’m an only child and her mom said, ‘You can tell all your friends that you work for her at IBM, but you’re not doing that to me.’ This block what about the chain?”

Covid started spreading just months after she made her entrepreneurial leap. “We didn’t have any clients or products at the time, so it was really scary,” she explains Cadet. “But our first win was going to an accelerator in Silicon Valley.” Tools will be provided, but you’ll have to pitch your idea to VCs, she says.

EmTech works with the Bank of Ghana, the Central Bank of the Bahamas, and is actively involved with several central banks, including Nigeria, the United States, and Liberia. “We got two central banks in terms of conducting pilots, onboarding, building technology and launching.” Cadet says they wanted to digitize their regulatory and compliance practices.

“We’ve raised $4 million now,” she says. “We’re still a seed company, so pre-series A. About 70% of our cap her table is Black investors and African investors.”

The US does not have a Central Bank Digital Currency (CBDC).However, in September the U.S. Treasury Recommended Working towards a CBDC as part of the White House Framework On responsible development of digital assets. But experts say businesses are in favor of blockchain. “By 2024, our projection is that at least 20% of large businesses will use digital currencies for either payment, stored value, or investment.” Gartner said in june.

The founder’s path is rich, but not easy, says Cadet. “It’s still rare to see a black woman CEO of a tech company backed by venture capital,” she says.new Reported by TechCrunch We found that black founders raised $187 million in Q3. This is significantly down from about $1.1 billion he received in Q3 2021 and down from his $594 million cohorts raised in Q2.

When it comes to blockchain, Cadet says financial officers need to be on board. She is her CEO of her own startup and could easily return to her CFO position as well.

Have a nice weekend.

Cheryl Estrada

big deal

The 2023 Workplace Learning Trends Report, released by online education and learning marketplace Udemy (Nasdaq: UDMY), highlights trends in business skills and learning culture. The most commonly used business skills fall into the Communication and Leadership category, with a significant increase in consumption in Customer Experience Management. 449% year-on-year increase in non-verbal communication (268% increase). according to reportsThe survey also highlights technical and personal skills that are in high demand. The findings are based on data from thousands of his Udemy Business learners around the world and compare the total consumption of his topics for 2021 and 2022 courses.

Courtesy of Udemy


Here are some weekend readings:

Carlyle is looking for a new CEO. Below is an internal candidate who wants the job and her one of the famous outside directors who probably don’t.” Luisa Bertrand

Memestock Beloved Bed Bath & Beyond Appoints Sue Gove as Permanent CEO Amid Store Closures and Inventory MeltdownLucy Brewster

Generation Z believes they will never own a home and are suffering from long-term financial instabilityTristan Bovet

This expert’s 7-day diet and fitness bootcamp helps promote brain healthMark Milstein

Leader board

Here is a list of notable moves this week:

Ned SegalTwitter’s CFO was reportedly fired from the company on Thursday after Tesla CEO Elon Musk completed a $44 billion deal to buy the social network. Reuters reportedTwitter did not immediately respond to a request for comment. Segal joined Twitter in 2017. Prior to that, he was Senior Vice President of Finance at Intuit. Twitter CEO Parag Agrawal and Vijaya Gadde, the head of legal and policy, were also fired, according to reports.

Celeste Merret CFO Evercore (NYSE:EVR), an investment banking advisory firm, is leaving the company to take on the role of Partner and CFO. Global Infrastructure Partner, an independent infrastructure investor. Evercore begins formal search process for next CFO. Starting his role in July 2021, Mellet will remain with the Evercore team until February 2023. Prior to joining Evercore, he was EVP and CFO of Fannie Mae.

George Elhedry was appointed CFO at HSBC Holdings PLC Ewen Stevenson will step down as CFO and Managing Director effective January 1, 2023 and will leave HSBC in April 2023. Elhedery served as co-CEO until recently. of global banking and markets. In 2005 he joined HSBC as Senior Global Markets Executive.

Sudansh Priyadarsi was appointed CFO at Keurig Dr Pepper (Nasdaq: KDP), dated Nov. 14. He leads the financial and information technology organization. Priyadarshi was most recently his CFO of Vista Outdoor Inc. He started his career at PepsiCo, where he spent 14 years in roles including Global R&D and his CFO of PepsiCo Global Nutrition Platforms. Previously, he was CFO of Flexport and served as Vice President of Finance and Strategy at Walmart.

Brad Nagel was named Electromed Co., Ltd. CFO (NYSE American: ELMD) is an airway clearance technology provider effective November 14. Most recently, Nagel served as CFO of global lung health and visualization at Medtronic. Prior to that, he held various roles at Medtronic, Target Corporation, and TCF Bank, expanding his financial responsibilities.


“In our opinion, Twitter’s $44 billion price tag will go down as one of the most over-the-top tech acquisitions in the history of M&A deals on the street. It’s giving me a headache.”

— Wedbush Securities technical analyst Dan Ives wrote in a note to clients on Thursday: luck report.

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