- Accelerator aims to support Green FinTechs developing innovative solutions to support a climate resilient future
- Aligned with bank’s commitment to drive innovation in sustainable finance
- Program supported by Microsoft as part of wider sustainability focused collaboration.
Dubai, UAE: In the lead up to COP28, Emirates NBD, a leading banking group in the MENAT (Middle East, North Africa and Türkiye) region, has launched a sustainability themed accelerator program, inviting leading global Green FinTechs to co-create innovative sustainability-focused financing solutions and processes to support a climate resilient future. The SustainTech Accelerator Program is supported by Microsoft and aims to enable the focused advancement of sustainability goals for both parties.
The accelerator, which will accept applications from 6 September to 10 October 2023, will support Green FinTechs developing solutions and tools that could help Emirates NBD boost its suitability performance through: access to accurate, reliable, standardized and consistent data, reliable indicators to quantify contributions and track progress to sustainable development, advanced risk management tools, solutions that can support the transition of legacy systems and products towards sustainability, tools to navigate the complex regulatory landscape and independent verification and certification services to enhance the credibility and integrity of sustainability claims.
Shortlisted participants will be invited to present their solutions, addressing the four key campaign opportunity areas identified by Emirates NBD:
- Advancing sustainability in Finance with comprehensive Emission Tracking across all three scopes
- Climate Risk Modeling for Enhanced Financial Resilience
- Innovative Carbon Trading for Banks
- Advancing ESG Risk Assessment Solutions: Pioneering Sustainable Business Practices
Vijay Bains, Group Chief Sustainability Officer and Group Head of ESG at Emirates NBD, commented: “As a leading banking group in the region that is committed to supporting the UAE’s Year of Sustainability and COP28, Emirates NBD strives to contribute to and invest in socially responsible programs and solutions. We are happy to launch our SustainTech Accelerator program and are excited to discover the sustainable products and solutions promising SustainTechs from around the globe bring to the table.”
He added: “We understand that being environmentally conscious is a powerful force in reshaping the financial landscape. Through programs like these, combining innovation with responsibility, we strongly believe that with each improved process and service offered, we can better the lives of our people, customers and communities.”
Naim Yazbeck, General Manager of Microsoft UAE, said: “As the UAE prepares to welcome global sustainability leaders from around the world for COP28, all eyes will be on the country to tackle the challenges resulting from climate change. In line with the UAE’s sustainability commitments, we are excited to collaborate with Emirates NBD on the SustainTech Accelerator Program. This collaboration will see us empower FinTechs with the latest technologies to create innovative solutions that will support organisations in understanding their environmental footprint and reducing the environmental impact of their operations.”
About Emirates NBD:
Emirates NBD (DFM: Emirates NBD) is a leading banking group in the MENAT (Middle East, North Africa and Türkiye) region with a presence in 13 countries, serving over 20 million customers. As at 30th June 2023, total assets were AED 811 billion, (equivalent to approx. USD 221 billion). The Group has operations in the UAE, Egypt, India, Türkiye, the Kingdom of Saudi Arabia, Singapore, the United Kingdom, Austria, Germany, Russia and Bahrain and representative offices in China and Indonesia with a total of 854 branches and 4,173 ATMs / SDMs. Emirates NBD is the leading financial services brand in the UAE with a Brand value of USD 3.89 billion.
Emirates NBD Group serves its customers (individuals, businesses, governments, and institutions) and helps them realise their financial objectives through a range of banking products and services including retail banking, corporate and institutional banking, Islamic banking, investment banking, private banking, asset management, global markets and treasury, and brokerage operations. The Group is a key participant in the global digital banking industry with 97% of all financial transactions and requests conducted outside of its branches. The Group also operates Liv, the lifestyle digital bank by Emirates NBD, with close to half a million users, it continues to be the fastest-growing bank in the region.
Emirates NBD contributes to the construction of a sustainable future as an active participant and supporter of the UAE’s main development and sustainability initiatives, including financial wellness and the inclusion of people of determination. Emirates NBD is committed to supporting the UAE’s Year of Sustainability and is an early supporter to the Dubai Can sustainability initiative, a city-wide initiative aimed to reduce use of single-use plastic bottled water.
