Algbra Becomes First Ethical Fintech to be Licenced as Accredited E-money Institution

Published on: 09 June 2022
by KnowESG

The Financial Conduct Authority (FCA) has granted full authorisation to Algbra, an ethical and values-driven FinTech, to operate as an Electronic Money Institution (EMI).

Algbra's ground-breaking proposal, which is based on ESG and Shariah compliance, is at the forefront of the push toward values- and lifestyle-based banking that is defining the next phase of financial services.

Algbra's services include a sustainable card, the ability to donate directly to UK-registered charities, carbon tracking to assess the impact of purchases, and the option to offset that carbon footprint with a few clicks.

All Algbra partners must agree to Algbra's ethical criteria, which include transparency about where customers' money is held and invested and ensuring that funds are not held or invested in unethical industries. 

With the EMI licence, Algbra can now create bespoke products to serve a wide range of communities in the most uncompromising and impactful way possible, including disrupting the market even further by developing their B2B technology platform.

Zeiad Idris, Co-Founder and CEO of Algbra, said: “The FCA is rightly regarded as the world’s leading regulator of financial services. For Algbra to have our EMI license approved with such a turnaround - in such challenging external circumstances - is a ringing endorsement of both our commitment to the highest standards of regulation and compliance, as well as our commitment to building the world’s leading values-focused and sustainable financial institution. I look forward to Algbra moving the dial even further on what customers should expect from fintech.”

Fizel Nejabat, Co-Founder and COO of Algbra, said: “This is a special day for everyone involved with Algbra, especially our consumers and communities. We have embedded regulatory compliance, ethics and sustainability into every element of the company – from the design of our proprietary technology platform to how we implement our community engagement. Our EMI license ensures we can continue designing the best quality financial products with an experience that speaks to the widest of audiences”. 

Source: Zawya

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