DUBAI, 25th June, 2019 (WAM) — The Ministry of Climate Change and Environment and the FinTech Association in the Middle East and North Africa today announced the launch of the Sustainable FinTech Pledge, which aims to integrate sustainable policies. Fintech companies are thus contributing to creating a more resilient and prosperous future. A sustainable Fintech commitment is at the heart of the MENA FinTech Association’s response to the climate crisis, in line with the national strategic initiative to achieve climate neutrality by 2050.

The pledge was launched at the headquarters of the Ministry of Climate Change and Environment in the presence of the Minister of Climate Change and Environment Her Excellency Maryam bint Muhammad Al Muhairi and Namir Khan, Chairman of the Board of Directors of FinTech Association in the Middle East. East and North Africa and several Ministry officials and representatives of the Association.

Her Excellency Maryam Al Muhairi welcomed the move and said, “Sustainable fintech commitment is a solid testament to the transformative power of technology in achieving sustainable development, and embodies our commitment to building a more sustainable and resilient future as we prepare to host COP28. Celebrate the Year of Sustainability.”

He added: “By implementing green finance, we aim to create businesses that aim to achieve sustainable economic growth, while at the same time establishing projects that contribute to the UAE’s climate and environmental commitments towards climate neutrality by 2050. Join this pledge and move towards a more sustainable future. Invite many companies and financial institutions in the country to actively contribute to the journey of the UAE.

The signatories of the pledge – including several prominent companies such as Abu Dhabi Global Market, Dubai International Financial Center, and digital payments solutions company BPC – have committed to five key principles, such as integrating sustainability practices into corporate operations, maintaining and catalyzing transparency and accountability. Promote transformation outside the regulatory boundaries of the framework, unleash climate innovation in the financial sector, and promote the development of sustainable fintech products and services.

For his part, Namir Khan, President of the MENA FinTech Association, said: “The Sustainable FinTech Commitment is an ambitious but achievable endeavor. We believe that by working together, FinTech companies can make a real difference to reduce environmental impact by taking effective steps to integrate sustainability into the design of FinTech processes. We at the MENA FinTech Association are proud to be part of this initiative and will provide the necessary support to ensure our members succeed in building sustainable technology solutions.

The commitment to Sustainable FinTech is an essential part of the Society’s wider sustainability strategy, which includes a wider Sustainability Programme, the Sustainable FinTech Alliance and collaborative relationships with a number of academic institutions such as the London Institute of Banking and Finance and Edinburgh Business School.

The Ministry of Climate Change and Environment and the FinTech Association in the Middle East and North Africa called on all fintech companies in the region to join the Sustainable FinTech pledge and contribute to shaping a more sustainable future.