Mashreq partners with ecolytiq and Visa to launch the first-ever climate banking platform in MENA, empowering clients for environmental impact awareness.
The MENA region’s leading financial institution, Mashreq, is partnering with sustainability-as-a-service provider ecolytiq and global payments leader Visa to introduce a new climate banking platform to its almost one million members.
With the launch of the first-ever Visa and ecolytiq climate banking solution in the Middle East and North Africa, Mashreq wants to empower its clients to take charge of their individual environmental effect. Customers may view their spending with greater transparency thanks to the climate banking platform, which superimposes carbon emissions calculations onto transaction data. The platform also uses sophisticated carbon footprint analytics to personalize climate insights for users in an effort to inform and motivate climate action.
In order to assist financial institutions in meeting the increasing demand from banking customers, Visa and ecolytiq introduced the Eco Benefits Bundle in the UAE earlier this year. It combines the payment capabilities of Visa with the sustainability knowledge of ecolytiq. Mashreq represents the region’s first use of the environmental solution.
In addition, Mashreq’s aggressive environment pledge continues with this partnership as it provides clients with climate-focused products. The inauguration coincides with the region’s most important time for sustainability: Dubai is hosting the COP28 global climate summit.
“Now is the moment to act”
“By providing consumers with insights into the environmental impact of their purchases, we believe we can drive a significant shift in behavior towards more sustainable choices,” stated Saeeda Jaffar, SVP and group country manager for Visa in the GCC.
Additionally, this new platform directly advances the UAE government’s green strategy and advances the nation’s larger sustainability objectives. The timing of this launch with the approaching COP28 highlights the importance of tackling climate change on a global scale, and we are honored to be working with Mashreq Bank and ecolytiq on this vital project.
The announcement’s significance was emphasized by David Lais, managing director and co-founder of ecolytiq: “Education is the fuel for the sustainability transformation.” Providing clients with information about sustainability is a key component of addressing the climate emergency. Mashreq is fully aware of this, and we are eager to support them as they take the lead in sustainable banking in this emerging industry. This will undoubtedly convey the message that the time to act is now.
Endorsing the “movement toward a low-carbon society”
Fernando Morillo, Mashreq’s group head of retail banking, also spoke on the collaboration: “As a bank, we think that by managing capital flows and offering our clients options that extend beyond lending, we can have the greatest impact.
In light of this, we acknowledge the part we must play in helping society make the shift to a low-carbon one, and we’re dedicated to creating new avenues through which our clients can obtain the tools they need to navigate this transition on their own.
“Introducing features that give our clients more visibility over carbon emissions data is a positive step toward raising awareness of climate change and supporting our goals of accelerating positive environmental impact. It also highlights Mashreq’s steadfast dedication to promoting sustainability and solidifies our position as a leader in the MENA region for sustainability.
“This partnership is an additional endeavor under Mashreq’s Climb2Change campaign, which highlights the bank’s proactive approach to improving the environment and society while showcasing its commitment to sustainability through a range of ESG initiatives.”
