- Mashreq’s Climate Banking Platform Launch:
- Developed in collaboration with Visa and climate engagement fintech Ecolytiq.
- Utilizes transaction data for personalized carbon footprint analytics.
- Aims to inspire “climate-positive behaviors” and educate users on environmental impact.
- Visa’s Eco Benefits Solution:
- Mashreq’s platform leverages Visa’s Eco Benefits Solution, launched with Ecolytiq in April.
- Components include a carbon footprint calculator, rewards for sustainable behaviors, sustainable card material program, and personalized customer education.
- First Implementation in MENA Region:
- Mashreq is the first in the MENA region to implement this comprehensive climate solution.
- Includes features such as a rewards scheme for sustainable actions and personalized customer education.
- Bank’s Perspective:
- Fernando Morillo, Mashreq’s group head of retail banking, sees the platform as a positive step in increasing climate awareness.
- Believes the bank can drive change by directing capital flows and providing solutions beyond financing.
- Collaborative Efforts:
- Saeeda Jaffar, SVP and group country manager for GCC, Visa, emphasizes the global focus on addressing climate change.
- David Lais, Ecolytiq co-founder, sees education as a crucial solution for the climate crisis.
- COP28 and Sponsorship:
- The platform launch coincides with COP28 in Dubai, where Mashreq is an official sponsor.
- Fils, a contender, has also launched a similar initiative ahead of the UN climate conference.
