Dubai’s Mashreq has partnered with Visa and ecolytiq to roll out its new climate banking platform to its nearly one million customers – a first-of-its-kind product in both the UAE and the MENA region overall.
Mashreq customers will receive access to a host of value-added features that will help them take control of their environmental impact.
“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,” said Fernando Morillo, the Group Head of Retail Banking at Mashreq.
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 personalises climate insights to customers to educate and encourage climate action.
Mashreq’s sustainable finance products are designed to promote climate-positive behaviours while delivering a tangible impact for the bank’s customers.
“This collaboration represents another endeavour 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,” said Morillo.
The Eco Benefits Bundle, which was launched by Visa and ecolytiq in the UAE earlier this year, combines the payment capabilities of Visa with the sustainability expertise of ecolytiq to help financial institutions address the growing demand from banking customers.
“By providing consumers with insights into the environmental impact of their purchases, we believe we can drive a significant shift in behaviour towards more sustainable choices. This new platform also directly supports the UAE government’s green agenda, contributing to the country’s broader sustainability goals,” said Dr. Saeeda Jaffar, SVP and Group Country Manager for GCC at Visa.
The collaboration is part of Mashreq’s ambitious climate commitment, one that strives to offer customers climate-focused products while helping them reach their own sustainability goals. The launch comes at a pivotal moment as Dubai is preparing to host the global climate conference, COP28.