The UAE Ministry of Climate Change and Environment (MOCCAE) and the Middle East and North Africa Fintech Association (MFTA) today announced the launch of the Sustainable Fintech Pledge, which aims to incorporate sustainability principles into the operations of FinTech companies, thereby contributing to a more resilient and prosperous future.
The Sustainable FinTech Pledge is consistent with the MENA FinTech Association's reaction to the climate problem, as well as the UAE Net Zero by 2050 strategic objective. The pledge was launched at the Ministry of Climate Change and Environment's headquarters in the presence of Mariam bint Mohammed Almheiri, Minister of Climate Change and Environment, and Namir Khan, Chairman of the Middle East and North Africa FinTech Association, as well as Ministry and Association representatives.
"The Sustainable FinTech Pledge is a tangible demonstration of the transformative power of technology in achieving sustainable development," stated Mariam Almheiri. As we prepare to host COP28 and celebrate the Year of Sustainability, it demonstrates our commitment to developing a more sustainable and resilient future."
"Through enabling green finance, we aim to build businesses that strive for sustainable economic development while establishing projects that fulfil the UAE's climate and environmental commitments, leading to the achievement of the UAE Net Zero by 2050 strategic initiative," Mariam Almheiri stated. We welcome additional UAE enterprises and financial institutions to join this promise and actively contribute to the UAE's journey towards a more sustainable future."
The pledge's signatories, which include eminent organisations such as Abu Dhabi Global Market (ADGM), Dubai International Financial Centre (DIFC), and BPC, commit to five core principles: embedding sustainability in business operations, maintaining transparency and accountability, inspiring change beyond organisational boundaries, unlocking climate innovation in finance, and encouraging the development of sustainable fintech products and services.
"The Sustainable Fintech Pledge is an ambitious yet achievable initiative," stated Nameer Khan, Chairman of the MENA Fintech Association. We are confident that by combining forces, fintechs will be able to achieve a bold change in decreasing environmental impact. Actions can be taken at the root level by including sustainability into how financial technology is designed. MFTA is very delighted to have started this movement. We will also provide the essential help to ensure our fintech members' success in delivering sustainable fintech solutions."
The MENA Fintech Association is a non-profit organisation that promotes open communication among the MENA Fintech community in order to shape the future of financial services in the region. The Sustainable Fintech Pledge is an important component of MFTA's overall sustainability strategy, which includes an extensive sustainability programme, the Sustainable Fintech Alliance (SFA), and collaborations with institutions such as the London Institute of Banking and Finance and the Edinburgh Business School.
The Ministry of Climate Change and Environment, in collaboration with the MENA Fintech Association, invites all regional fintech companies to sign the Sustainable Fintech Pledge and contribute to a more sustainable future.