27/06/23

FINTECH: UAE Launches Sustainable Fintech Pledge in Effort to Build a ‘Sustainable and Resilient Future’

As published on: thefintechtimes.com, Tuesday 27 June, 2023.

The UAE Ministry of Climate Change and Environment (MOCCAE) has collaborated with the Middle East and North Africa Fintech Association (MFTA) to officially launch a sustainable fintech pledge today. The pledge looks to support fintech firms in the Middle East on their sustainability journeys by helping them to integrate sustainability principles into their operations. 

Signatories of the UAE‘s new Sustainable Fintech pledge include the likes of Abu Dhabi Global Market (ADGM), Dubai International Financial Centre (DIFC), BPC, Mastercard, Paymentology and Paymob. All signatories have committed to five core principles:

1. Embedding sustainability in business operations
2. Maintaining transparency and accountability
3. Inspiring change beyond organisational boundaries
4. Unlocking climate innovation in finance
5. Encouraging the development of sustainable fintech products and services

The pledge also aligns with the response of MFTA to the climate crisis, in line with the UAE’s ‘Net Zero by 2050’ strategic initiative.

Mariam bint Mohammed Almheiri, Minister of Climate Change and Environment, welcomed this initiative: “The Sustainable Fintech Pledge is a tangible demonstration of the transformative power of technology in achieving sustainable development. It also reflects our commitment to building a more sustainable and resilient future as we prepare to host COP28 and celebrate the Year of Sustainability.”

Mariam Almheiri continued: “Through enabling green finance, we aim to build businesses that strive for sustainable economic development while establishing projects that fulfil the UAE’s climate and environmental commitments, leading to achieve the goals of the UAE Net Zero by 2050 strategic initiative. We also invite more companies and financial institutions in the country to join this pledge and actively contribute to the UAE’s journey towards a more sustainable future.”

‘Sustainable Fintech Pledge is an ambitious yet achievable initiative’

MENA Fintech Association is a non-profit association that fosters an open dialogue for the MENA Fintech community. Ultimately, MFTA aims to shape the future of financial services in the region. The Sustainable Fintech Pledge is an integral part of MFTA’s broader sustainability strategy, which includes an extensive sustainability programme, the Sustainable Fintech Alliance (SFA), and collaborations with institutions such as the London Institute of Banking and Finance and the Edinburgh Business School.

Nameer Khan, chairman of the MENA Fintech Association and founder of sustainability fintech Fils, also discussed the news: “The Sustainable Fintech Pledge is an ambitious yet achievable initiative. By joining forces, we strongly believe that fintechs have the power to drive a bold change in reducing environmental impact. Actions can be taken at the core by embedding sustainability in how they design technologies for the financial world. We at MFTA are very proud to have created this movement. We will additionally offer the necessary assistance to ensure the success of our fintech members in delivering sustainable fintech solutions.”

Tags

Fintech Sustainable finance Green Finance Sustainability