Dubai, November 22, 2023– Mashreq, a leading financial institution in the MENA region, in partnership with Visa and ecolytiq, is announcing the rollout of its new climate banking platform to its nearly one million customers – a first of its kind product in both the UAE and in the MENA region overall.
Mashreq customers will receive access to a host of value-added features that will help them take control of their personal environmental impact. The climate banking platform overlays carbon emissions calculations seamlessly onto transaction data, giving customers more transparency on their spending. With advanced carbon footprint analytics, the platform then personalizes climate insights to customers to educate and encourage climate action. These products are designed to promote climate-positive behaviors while delivering tangible impact for Mashreq customers.
The Eco Benefits Bundle, which launched by Visa and ecolytiq in the UAE earlier this year, combines the payments 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 is another step in Mashreq’s ambitious climate commitment, one that strives to offer customers climate-focused products, helping them reach their own sustainability goals and contribute to the environment. The launch comes at a pivotal moment for sustainability in the region, as Dubai hosts the global climate conference, known as COP 28, of which Mashreq is an official sponsor. This comes off the heels of a summer of scorching heat across the globe, with July 2023 having been the hottest month on record to date.
Fernando Morillo, Group Head of Retail Banking at Mashreq, stated: “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. He added, “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 endeavor 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.”
Dr. Saeeda Jaffar, SVP and Group Country Manager for GCC, Visa. said: "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."
David Lais, ecolytiq Co-founder and Managing Director highlighted the significance 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 newmarket. This is sure to send signals that the time to act is now.”
Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities across more than 200countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at About Visa, visamiddleeast.com/blog and @Visacemea
asda’a bcw, Dubai, UAE
Mashreq is more than half century old bank, yet proudly thinks like a challenger, startup, and innovator. Mashreq pioneered key innovations and developments in banking, starting with entry-level digital-first customers, all the way to powering some of the region’s most prominent corporations and wealth accounts.
The bank’s mandate is to help customers find their way to Rise Every Day, partnering through the highs and lows to help them reach fulfillment, achieve financial goals, and unlock their vision of success.
Reassuringly present in major financial centers of the world, Mashreq’s home and global HQ remains in the Middle East, offering services whenever and wherever opportunity takes its customers.
Find your way to Rise Every Day at www.Mashreq.com/RiseEveryDay
The climate engagement platform from ecolytiq guides banks and financial service providers in channeling consumer demand for sustainability into new business growth. The ecolytiq product suite enriches traditional banking with embedded transaction-based footprinting, personalized climate insights, and access to carbon credits. Having partnered with leading financial institutions globally, including Visa, TSYS, Worldline, Tink, Rabobank, and Vancity, ecolytiq operates globally, including in the UK, EU, US, and UAE, to leverage payment data for abetter, more sustainable banking experience.