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 personalises climate insights to customers to educate and encourage climate action. These products are designed to promote climate-positive behaviours while delivering tangible impact for Mashreq customers.
The Eco Benefits Bundle, which was launched by Visa and ecolytiq in the UAE earlier in 2023, 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 one of the first implementations 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. 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.
Mashreq emphasises its commitment to sustainability by leveraging its role as a bank to influence capital flows and provide clients with solutions beyond financing. They are dedicated to facilitating the transition to a low-carbon society, intending to open new opportunities for clients in their sustainability journeys. The introduction of features enhancing visibility on carbon emissions aligns with Mashreq's Climb2Change initiative, showcasing their proactive stance on sustainability in the MENA region. This move reflects their dedication to environmental impact and positions Mashreq as a trailblazer in sustainability within the banking sector.
Officials from Visa said that by providing consumers with insights into the environmental impact of their purchases, they believe they 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. This launch, coinciding with the upcoming COP28, underscores the urgency and global focus on addressing climate change, and they are happy to partner with Mashreq Bank and ecolytiq on this important initiative.
Ecolytiq’s team said that 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 they’re happy to help them lead in sustainable banking in this new market. This is sure to send signals that the time to act is now.
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