CBI partners Zumo to explore tracking of digital asset sustainability

By Gloria Methri

UAE’s Commercial Bank International (CBI) has partnered with Zumo, a digital-assets-as-a-service platform in the UK, to explore the tracking of digital asset sustainability.

This agreement comes as the UAE emerges as a global hub for digital assets and innovation. Bolstered by its progressive and industry-specific regulatory environment, the country’s digital assets market is projected to generate $453.20 million in revenue by 2024 and reach an estimated $616.80 million by 2028.

As the UAE builds a robust framework for digital asset adoption, the partnership between CBI and Zumo aims to support the nation’s ambition to integrate blockchain into its financial ecosystem with sustainability at its core.

Giovanni Everduin, Chief Strategy & Innovation Officer of Commercial Bank International, said, “Aligned with our vision of partnership-driven innovation, we look forward to collaborating with Zumo to become one of the first banks in the world to provide carbon footprint insights with carbon offsetting for digital assets. This revolutionary capability will ensure that, as digital assets become further embedded within the financial ecosystem, customers and institutions have the required tools and data to ensure their sustainability goals are tracked and achieved.”

Clark Povey, Zumo’s Chief Operating Officer, said, “Our collaboration will see Zumo’s pioneering digital assets and blockchain technology complement CBI’s financial expertise and innovative approach to driving sustainability. Zumo solves the biggest challenges in digital assets for financial institutions by providing business-critical technologies to navigate the rapidly evolving digital asset landscape. With Zumo’s technology and leadership in the sustainability of digital assets, the exciting journey ahead is just beginning.”

Zumo provides the critical infrastructure required by financial institutions to implement sustainable digital asset solutions. The company offers a solution that enables crypto asset service providers (CASPs) serving the EU market to comply with MiCA sustainability disclosures. The easy-to-use tool allows CASPs to publish the required white paper containing environmental sustainability indicators for distributed ledgers with just a few clicks.

By aligning Zumo’s technology and expertise with CBI’s innovative approach to banking services, this partnership is poised to accelerate the adoption of digital assets within the UAE’s banking ecosystem.