MENA Fintech Association Launches Sustainable Fintech Alliance

the MENA Fintech Association (MFTA), the leading voice of the Fintech community in the region, has launched Sustainable FinTech Alliance, with a mission to help its members create positive impacts in the face of today’s increasingly pressing environmental and social challenges.

The world is at a critical juncture and the Middle East and North Africa region is set to take center stage in the quest to solve the most defining issue of our time. Climate change. Following the recent conclusion of COP26 in Glasgow, the torch has in fact been relayed to Egypt and the United Arab Emirates as hosts of COP27 and COP28. Respectively.

Sustainability is broader than climate change. It is located around Empowering a society where future generations can thriveEveryone must contribute their fair share.

By joining the alliance, the members gradually commit themselves Implement reliable and transparent sustainability strategies within their organizations, which contribute to United Nations Sustainable Development Goals (SDGs), as well as net zero Pledges made by many countries across the region.

Companies have different levels of maturity when it comes to embedding sustainability within their organizations, and fintech companies are no different. this is the reason Education and Awareness It will be pivotal to achieving the Alliance’s mission. the Sustainable FinTech Alliance It therefore adheres to a phased, three-step approach:

Step 1: Education

As a critical first step in this journey, MFTA works with institutional and academic partners to design robust educational program That would provide fintech companies with the knowledge base they need Develop strong sustainability strategies This is suitable for them. This will be based on international best practices and will be delivered with the support of leading experts, as well as a platform for knowledge sharing among members.

The second step: implementation

After having the right knowledge and exposure to the leading global standards, FinTech companies will be able to Establish credible sustainability and climate goals Align with company values ​​and customer expectations, while making a positive contribution to achieving sustainable development goals. At this point, members can publicly disclose their strategy and commitments.

Step 3: Realization

Transparency It is critical to gaining people’s trust. So once the strategy and commitments are communicated, they need to be constantly monitored and measured. At this point, members will feel confident about it Track progress And through the alliance, they will have continuous access to all the help and support they need.

MFTA believes in it with passion The FinTech community plays a critical role in finding solutions to the most pressing issues we face as a society. That’s why, in addition to helping members embrace sustainability within their organizations, the alliance will also enable Collaboration between the fintech community and policy makers inside and outside the financial sector, with the aim of putting technology at the service of meaningful change.

launch the initiative, Nameer Khan Chairman and founding board member of MFTA He said: “We are very excited to launch the Sustainable Fintech Alliance as part of the MFTA’s core initiatives. We see momentum in the region, and as an association bringing together stakeholders from across the region, with excellent relationships with central banks and regulators, the MFTA plays a key role in supporting the transition towards a more sustainable society.

“We want to help fintech companies embrace sustainability as part of their organization’s culture and values, and ensure they have access to high-quality knowledge and resources. Problem solving is built into the DNA of fintech companies, and we believe they are also uniquely positioned to think creatively and collaboratively to bring sustainability to the fore. Introduction and Consumer Life Center. I personally invest in harnessing technology and innovation to reimagine financial services from a sustainability perspective, and I am committed to making this a primary priority for the MFTA’s engagement with fintech companies and regulators in the future.”

Christian Kons Head of Group Strategy and Innovation at Dubai International Financial Center Authority, the head Dubai Sustainable Finance Working Group He said: “We are proud to be a member of this founding group and part of the Sustainable FinTech Alliance, which aims to make a positive impact with the help of different partners, starting with education. In line with the UAE’s recently announced strategic initiative to achieve net zero emissions by 2050, we recognize the importance of sustainability and are committed to being at the forefront of important issues such as these in the region.

Today, the market capitalization of ESG-inspired sukuk and bonds is growing at a rapid pace in the DIFC, now making up more than 11.7% of the total bonds outstanding, at over $12.15 billion. At the DIFC, we continue our efforts to cement our position as the leading innovation ecosystem in the UAE, and unleash future growth through the future of finance and the economics of the future.. “

  • Polly Jane Harrison

    Polly is a North Wales journalist, content creator and opinion-maker. She has written for a number of publications, usually hovering around the topics of fintech, technology, lifestyle and body positivity.

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