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Mashreq & FinTech Fils team to launch carbon offsetting platform

By Delisha Fernandes

January 22, 2024

  • carbon offsetting
  • Central Bank of the UAE
  • Digital Platform
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Mashreq, Nymbl, Instant Payment, merchants, Central Bank of the UAE, QR-based payments, email address, Instant Real Time Payments, SMEs, Fintech news, Fintech UAE

Mashreq has partnered with the UAE-based FinTech firm Fils, to launch a carbon offsetting offering that helps corporate and institutional clients.

Fils is an enterprise-grade digital platform that provides the underlying infrastructure for financial institutions, banks and other organisations across industries to launch standalone, sustainable-focused products such as carbon offsetting.

This approach to the future of FinTech facilitates the transition to an Environmental, Social, and Corporate Governance (ESG) compliant corporate landscape, enabling companies of all sizes to effortlessly embed sustainable and climate action into their business models and customer journeys across industries.

Nameer Khan, Founder of Fils, said, “Fils’ partnership with Mashreq in the development of a ground-breaking carbon offsetting product is a powerful catalyst for the evolution of ESG enforcement across the region’s financial markets.  Created with transparent KPIs, the accounts spell the end of greenwashing and clear a path towards greater accountability and implementation of actionable outcomes that can improve the sustainability of the world we live in.”

The agreement represents the first step in Mashreq’s development of specialised carbon-offsetting financial products, which will launch in collaboration with selected UAE-based Mashreq corporate clients.

The partnership between Mashreq and Fils will create a solution that solves several historic challenges, including the fact that trading markets are not typically accessible directly by corporates. The account will also solve the problem of minimum purchase amounts that typically apply, whereas FILS will provide fractionalized credits. This removes the complexity and accessibility of dealing directly with the carbon credit markets and simplifies the purchasing, auditing, and reporting through Mashreq.

Joel D Van Dusen, Head of the Corporate and Investment Banking Group at Mashreq, said, “This initiative will have a broad impact on Mashreq’s corporate clients, offering a solution designed to contribute towards environmental sustainability. It also reinforces the UAE’s position as a pioneer in integrating sustainability into its economic and financial sectors, aligning with the nation’s role in hosting COP28 and its ambition to lead global sustainability efforts. Furthermore, the pioneering initiative signifies Mashreq’s dedication to sustainable practices.”

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