Financial news

Mashreq, the financial institution in the MENA region, is launching a new climate banking platform to its almost one million customers, in partnership with global payments leader Visa and Sustainability-as-a-Service firm ecolytiq.

Via the first-of-its-kind Visa and ecolytiq climate banking product for the MENA region, Mashreq aims to enable its customers to take control of their personal environmental impact. The climate banking platform overlays carbon emissions calculations onto transaction data, giving customers more transparency on their spending. With advanced carbon footprint analytics, the platform also personalises climate insights to customers to educate and encourage climate action.

The Eco Benefits Bundle, launched by Visa and ecolytiq in the UAE earlier this year, combines the payment 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.

This collaboration also marks another step in Mashreq’s ambitious climate commitment, as it continues to offer customers climate-focused products. The launch comes at a pivotal moment for sustainability in the region, as Dubai hosts the global climate conference, COP28.

‘The time to act is now’

Saeeda Jaffar, SVP and group country manager for GCC at Visa, also added: “By providing consumers with insights into the environmental impact of their purchases, we believe we can drive a significant shift in behaviour 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.”

David Lais, co-founder and managing director of ecolytiq, highlighted the significance of the announcement: “The fuel for the sustainability transformation is education. Empowering customers with sustainability knowledge is a cornerstone solution to address the climate crisis. Mashreq knows this well and we’re excited to help them lead in sustainable banking in this new market. This is sure to send signals that the time to act is now.”

Supporting the ‘transition to a low-carbon society’

Fernando Morillo, group head of retail banking at Mashreq, also discussed the partnership: “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.

“To this end, we recognise the role we must play in facilitating the transition to a low-carbon society and we are committed to opening up new opportunities for our clients to access solutions that support them on their own transition journeys.

“Introducing features that increase visibility over carbon emissions information for our clients is a step in the right direction that increases climate awareness and aligns with our ambitions to accelerate positive environmental impact, underscoring Mashreq’s unwavering commitment to driving sustainability and cementing our position as a sustainability trailblazer in MENA.

“This collaboration represents another endeavour 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.”