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Mashreq Bank, Visa, Ecolytiq launch climate banking platform

By Delisha Fernandes

November 23, 2023

  • carbon emissions
  • climate banking platform
  • ecolytiq
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Mashreq, Group Chief Financial Officer, Norman Tambach, financial institutions, banking, finance, regulatory governance, risk management, capital management, corporate tax planning, data analytics, digital transformation, FinTech news, FinTech Dubai, UAEMashreq has partnered with Visa, and Ecolytiq, to roll out climate banking platform, which stands as the first of its kind in both the UAE and the broader MENA region.

Mashreq customers will receive access to a host of value-added features that will help them take control of their personal environmental impact. The climate banking platform overlays carbon emissions calculations seamlessly onto transaction data, giving customers more transparency on their spending.

Fernando Morillo, Group Head of Retail Banking at Mashreq, said, “As a bank, we believe we can make the biggest difference through our ability to direct capital flows and provide our clients with solutions that go beyond the realm of financing. This collaboration represents another endeavor within Mashreq’s Climb2Change initiative, which showcases the bank’s commitment to sustainability through a variety of ESG initiatives and reinforces its proactive approach to creating a positive impact on the environment and society.”

With advanced carbon footprint analytics, the platform then personalizes climate insights to customers to educate and encourage climate action. These products are designed to promote climate-positive behaviors while delivering tangible impact for Mashreq customers.

The Eco Benefits Bundle, which launched by Visa and ecolytiq in the UAE earlier this year, combines the payments capabilities of Visa with the sustainability expertise of ecolytiq to help financial institutions address the growing demand from banking customers. Mashreq marks the first implementation of the -environmental solution in the region.

Saeeda Jaffar, SVP and Group Country Manager for GCC, Visa. said, “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. This new platform also directly supports the UAE government’s green agenda, contributing to the country’s broader sustainability goals. This launch, coinciding with the upcoming COP28, underscores the urgency and global focus on addressing climate change, and we are proud to partner with Mashreq Bank and ecolytiq on this important initiative.”

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