Mashreq, Visa, and ecolytiq launch carbon banking platform in MENA

Mashreq, Visa, and ecolytiq launch carbon banking platform in MENA

Mashreq, a prominent financial institution in the MENA region, has joined forces with Visa, a global leader in digital payments, and ecolytiq, an expert in sustainability solutions. This powerful collaboration aims to roll out a novel climate banking platform, which stands as the first of its kind in both the UAE and the broader MENA region.

The partnership’s core objective is to provide Mashreq’s nearly one million customers with an unprecedented climate banking platform. This innovative system overlays carbon emissions calculations onto transaction data, offering customers a transparent view of their spending’s environmental impact. With advanced analytics, the platform personalizes climate insights, promoting environmentally positive behavior and significant impacts for Mashreq customers.

Visa brings its robust payments capabilities to this venture, while ecolytiq contributes its sustainability expertise. Their joint product, the Eco Benefits Bundle, previously launched in the UAE, now finds its first regional implementation through Mashreq. This venture aligns with Mashreq’s ambitious climate commitment, striving to offer climate-focused products and aiding customers in achieving their sustainability goals.

Visa’s SVP and Group Country Manager for GCC, Dr. Saeeda Jaffar, noted, “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.”

ecolytiq Co-founder and Managing Director, David Lais, highlighted the importance of the announcement, adding, “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.”

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