UAE: New 'Sustainable Fintech Pledge' Announced

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by KnowESG
KnowESG_MENA Fintech Association launch -Sustainable Fintech Pledge-
Image courtesy of WAM

The Ministry of Climate Change and the Environment (MOCCAE) and the Middle East and North Africa Fintech Association (MFTA) announced the launch of the Sustainable Fintech Pledge, aimed at integrating sustainability principles into the operations of FinTech companies and contributing to a more resilient and prosperous future.

The Sustainable FinTech Pledge aligns with the response of the MENA FinTech Association to the climate crisis and is in line with the UAE Net Zero by 2050 strategic initiative.

The pledge was launched at the headquarters of the Ministry of Climate Change and the Environment in the presence of Mariam bint Mohammed Almheiri, Minister of Climate Change and the Environment, and Namir Khan, Chairman of MFTA, along with representatives from the Ministry and the Association.

Almheiri said, “The Sustainable FinTech Pledge is a tangible demonstration of the transformative power of technology in achieving sustainable development. It reflects our commitment to building a more sustainable and resilient future as we prepare to host COP28 and celebrate the Year of Sustainability.”

“Through enabling green finance, we aim to build businesses that strive for sustainable economic development while establishing projects that fulfill the UAE's climate and environmental commitments, leading to achieving the goals of the UAE Net Zero by 2050 strategic initiative. We 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,” she added.

Signatories of the pledge, including eminent organisations such as Abu Dhabi Global Market (ADGM), Dubai International Financial Centre (DIFC), BPC, and others, commit to five core principles: embedding sustainability in business operations, maintaining transparency and accountability, inspiring change beyond organisational boundaries, unlocking climate innovation in finance, and encouraging the development of sustainable fintech products and services.

For his part, Nameer Khan commented, “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.”

MENA Fintech Association is a non-profit association that fosters an open dialogue for the MENA Fintech community, shaping 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.

The Ministry of Climate Change and the Environment and the MENA Fintech Association invited all regional fintech companies to join the Sustainable Fintech Pledge and help shape a more sustainable future.

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Source: WAM

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