Mashreq, a financial institution in the MENA region, has partnered with Visa and ecolytiq to launch a climate banking platform for its nearly one million customers. This initiative is a first-of-its-kind product in both the UAE and the wider MENA region.
The platform provides Mashreq customers with access to a range of value-added features, empowering them to take control of their personal environmental impact.
Features of climate banking platform
Key features of the climate banking platform include seamless integration of carbon emissions calculations onto transaction data, offering customers enhanced transparency into their spending habits. The platform goes further by incorporating advanced carbon footprint analytics to personalise climate insights for customers, aiming to educate and encourage climate action. These products are strategically designed to promote climate-positive behaviours while delivering a tangible impact for Mashreq customers.
The collaboration also highlights the implementation of the Eco Benefits Bundle, a joint effort by Visa and ecolytiq launched earlier in the UAE. This bundle combines Visa’s payment capabilities with ecolytiq’s sustainability expertise, addressing the growing demand from banking customers for environmentally conscious financial solutions. Mashreq is the first financial institution in the region to adopt this environmental solution.
Commitment to sustainability
Mashreq aims to offer customers climate-focused products that assist them in achieving their sustainability goals while contributing positively to the environment. This launch coincides with a pivotal moment for sustainability in the region, as Dubai hosts COP 28, the global climate conference, of which Mashreq is an official sponsor. The announcement also follows a summer marked by record-breaking temperatures, with July 2023 being reported as the hottest month on record.
Fernando Morillo, Group Head of Retail Banking at Mashreq, underscores the bank’s belief in leveraging its role to make a meaningful impact beyond financing. He emphasised the importance of providing clients with solutions that facilitate the transition to a low-carbon society, expressing Mashreq’s commitment to environmental awareness and positive impact.
