The UAE Ministry of Climate Change and Environment (MOCCAE) and MFTA launched a sustainable fintech commitment today.
The Middle East and North Africa Fintech Association (MFTA) and the UAE Ministry of Climate Change and Environment (MOCCAE) have joined forces to formally introduce a sustainable fintech commitment today. By assisting businesses in incorporating sustainability principles into their business practices, the commitment aims to support Middle Eastern fintech companies on their sustainability journeys.
The Abu Dhabi Global Market (ADGM), Dubai International Financial Centre (DIFC), BPC, Mastercard, Paymentology, and Paymob, among others, have signed the UAE’s new Sustainable Fintech commitment. Five guiding principles have been adopted by all signatories:
- Integrating sustainability into operations in business
- maintaining accountability and transparency
- Beyond organizational boundaries, inspiring transformation
- Finance innovation for the climate
- promoting the creation of eco-friendly fintech goods and services
In accordance with the UAE’s strategic objective to achieve “Net Zero by 2050,” the pledge is also in line with MFTA’s reaction to the climate problem.
The Sustainable Fintech Pledge is a palpable illustration of the revolutionary power of technology in achieving sustainable development, according to Mariam bint Mohammed Almheiri, Minister of Climate Change and Environment. As we get ready to attend COP28 and commemorate the Year of Sustainability, it also symbolizes our commitment to constructing a future that is more robust and sustainable.
In order to achieve the objectives of the UAE Net Zero by 2050 strategic initiative, 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. We also extend an invitation to additional businesses and financial institutions in the nation to join this commitment and actively assist the UAE on its path to a more sustainable future.
The “Sustainable Fintech Pledge” is a challenging but doable effort
An open discussion is encouraged for the MENA Fintech community by the non-profit organization known as MENA Fintech Association. In the end, MFTA seeks to influence the direction of financial services in the area. The Sustainable Fintech Pledge is a key component of MFTA’s larger sustainability strategy, which also includes the Sustainable Fintech Alliance (SFA), a comprehensive sustainability program, and partnerships with organizations like the London Institute of Banking and Finance and the Edinburgh Business School.
Nameer Khan, founder of the sustainability fintech company Fils and head of the MENA Fintech Association, also commented on the news: “The Sustainable Fintech Pledge is an ambitious but doable project. We firmly believe that by working together, fintechs can bring about a significant shift in lowering environmental impact. By incorporating sustainability into the architecture of financial technology, fundamental action may be achieved. The MFTA is quite pleased to have started this effort. Additionally, we will provide our fintech members with the support they need to provide sustainable fintech solutions.