back Back

Mashreq & FinTech Fils team to launch carbon offsetting platform

By Delisha Fernandes

January 22, 2024

  • carbon offsetting
  • Central Bank of the UAE
  • Digital Platform

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.”

Previous Article

January 22, 2024

Tesselate taps MITech to launch Tegula Trade Finance-as-a-Service

Read More
Next Article

January 22, 2024

The Monday Roundup: what we are watching this week | January 22nd

Read More

IBSi Daily News Analysis

digital wallets

March 01, 2024

carbon offsetting

Banking Sector and regulatory framework: addressing India’s growing demand for secure lockers

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News


AsiaVerify & Visa to bolster digital payments and banking in APAC

Read More

Today activates Cartes Bancaires on Tap to Pay on iPhone in France

Read More

February 29, 2024

Volt secures EMI licence to offer e-money accounts in the UK

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q4 2023
Know More
Wealth Management & Private Banking Systems Report Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q4 2023
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
Get your copy now! IBSi Sales League Table 2023