The Sustainable Fintech Alliance launches the first chapter in the Fintech Sustainability Series

The Sustainable Fintech Alliancea core group of MENA Fintech Association (MFTA), has launched The sustainability report Fintech during Abu Dhabi Finance Week.

The report, which contains an exclusive interview with HE Mariam Al MheiriUAE Minister of Climate Change and Environment, showcases all the incredible initiatives that MFTA’s members and partners are rolling out that cover 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 development, consumers demand more conscious products and services. Fintechs are uniquely positioned to respond to consumer demand and lead the way in thinking and acting sustainably.

Net zero ambitions

Achieving the Net Zero ambitions and the Sustainable Development Goals (SDGs) also rests on the ability and willingness to collaborate and establish targeted partnerships, across all levels of society. With this in mind, the report also includes a unique piece written by the United Nations High Commissioner for Refugees (UNHCR), which explains how technology and fintech help get help where it’s needed faster and more efficiently.

The report will be the first chapter in a series of publications, in which the Sustainable Fintech Alliance will continue to explore various aspects of sustainability, with exclusive insights from its members, academia and institutional partners from around the world.

Nameer Khanchairman of the 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 advance the cause of the SDGs and Net Zero in our region.

“This report is the continuation of a journey we started by delivering a first-of-its-kind education program on sustainability specifically developed for fintechs, in collaboration with London Institute of Banking and Finance MENA (LIBF), Abu Dhabi Global Market (ADGM), and Dubai International Financial Center (DIFC).

“We cannot stress enough how important a role fintech plays in meeting today’s increasingly pressing environmental and social challenges. And this report clearly shows the way forward”.

A “how to” sustainability guide “by fintechs for fintechs”

Federica PiazzaChair 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 SDG spectrum. From implementing carbon reduction strategies, creating marketplaces for underserved communities, fostering a culture of diversity and inclusion that really delivers on purpose. The report is intended as a ‘how to’ sustainability guide ‘by Fintechs for Fintechs’, covering a range of topics. These include carbon reduction strategies, creating a marketplace for underserved communities, fostering a culture of diversity and inclusion and more.

“We are truly proud to collaborate with leading companies, academia and institutional partners from around the world, and I would like to extend special thanks to the UAE Ministry of Climate Change and Environment and UNHCR for sharing their invaluable insights.”

Commenting on the report, UNHCR said: “UNHCR was the first UN agency to use the benefits of technology-led fintech to support Islamic philanthropy, bringing Zakat and Sadaqah funding to beneficiaries in a faster, more efficient and reliable way. Contributing to the localization agenda and the SDGs, this report details how Fintech solutions can help UNHCR advance the protection and inclusion agenda for forcibly displaced persons and others of concern.”