Mashreq, a leading financial institution in the MENA region, in partnership with Visa and ecolytiq, is announcing the roll out 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 new market. This is sure to send signals that the time to act is now.”