The Sustainable Fintech Alliance, a core group of the MENA Fintech Association (MFTA), has launched the Sustainability Report Fintech during Abu Dhabi Finance Week.
The report, which features an exclusive interview with H.E. Mariam Al Mheiri, UAE minister of climate change and environment, showcases all the incredible initiatives that MFTA’s members and partners are rolling out covering some of the most fundamental aspects of sustainable fintech: preserving the environment, promoting inclusion and equality, enabling access to finance for underserved communities and refugees, and more.
With technology evolving, consumers are demanding more conscious products and services. Fintechs are uniquely placed to answer consumer demand and lead the way by thinking and acting sustainability.
Net Zero Ambitions
The achievement of Net Zero ambitions, and the Sustainable Development Goals (SDGs) also rests on the ability and determination to work together and establish purposeful partnerships, across all level of society. With this in mind, the report also features a unique piece authored by the United Nation High Commissioner for Refugees (UNHCR), which explains how technology and fintechs are contributing to getting help where is needed faster and more efficiently.
The report is going to be the first chapter of a series of publications, where the Sustainable Fintech Alliance will continue exploring different aspects of sustainability, with exclusive insights from its members, academia, and institutional partners from across the world.
Nameer Khan, chairman of MFTA commented: “The Sustainable Fintech Alliance brings together some of the world’s most powerful companies and experts in the field to have open, honest, and above all action-oriented discussions about sustainability through its extensive network of worldwide collaborations and partnerships with like-minded organisations, regulators, and academics, and to further the cause of the SDGs and Net Zero in our region.
“This report is the continuation of a journey that we started by delivering a first-of-its kind educational programme on sustainability specifically designed for fintechs, in collaboration with the London Institute of Banking and Finance MENA (LIBF), Abu Dhabi Global Market (ADGM), and Dubai International Financial Centre (DIFC).
“We cannot stress enough how important a role fintechs play in addressing the increasingly urgent environmental and social challenges of today. And this report clearly shows the way ahead”.
A ‘how to’ sustainability guide ‘by fintechs for fintechs’
Federica Piazza, chair of the Sustainable Fintech Alliance stated: “Through this report the Sustainable Fintech Alliance wanted to showcase how fintechs in MENA are bringing to life impactful initiatives across the SDGs spectrum. From implementing carbon reduction strategies, create a marketplaces for underserved communities, foster a culture of diversity and inclusion which truly delivers on its purpose. The report is meant as a ‘how to’ sustainability guide ‘by Fintechs for Fintechs’, covering a variety of topics. These include carbon reduction strategies, creating a marketplace for underserved communities, fostering a culture of diversity and inclusion and more.
“We are really proud to be collaborating with leading companies, academia, and institutional partners from across the world and I would like to extend a special thanks to the UAE Ministry of of Climate Change and Environment and UNHCR for sharing their invaluable insights.”
Commenting on the report UNHCR has said: “UNHCR was the first UN agency to use the benefits of tech-led fintech to support Islamic philanthropy, bringing Zakat and Sadaqah funding to beneficiaries in a faster, more efficient and reliable way. Contributing to the localiation agenda and the Sustainable Development Goals, this report provides details on how Fintech solutions can help UNHCR move forward with the protection and inclusion agenda for forcibly displaced people and others of concern.”