Mashreq Bank implements Visa, Ecolytiq climate banking platform

MENA-based bank Mashreq has teamed up with climate engagement platform Ecolytiq and Visa to launch a climate banking platform to its nearly one million customers in the United Arab Emirates (UAE) and MENA.

Visa and Ecolytiq launched their joint ‘Eco Benefits Bundle’ in the UAE earlier this year, combining Visa’s payments capabilities with the sustainability expertise of Ecolytiq, but Mashreq is the first to implement the environmental solution in the region.

The new climate banking platform overlays carbon emissions calculations onto transaction data to provide Mashreq’s customers with more transparency around how their spending impacts the environment.

The platform uses advanced data analytics to personalise climate insights for customers, both to educate and encourage climate action.

Fernando Morillo, group head of retail banking at Mashreq, said that the bank recognises the role it “must play in facilitating the transition to a low carbon society” and to support customers on their “own transition journeys”.

He added: “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.”

David Lais, Ecolytiq’s co-founder and managing director called empowering customers with sustainability knowledge “a cornerstone solution to address the climate crisis”.

“Mashreq knows this well and we’re excited to help them lead in sustainable banking in this new market. This is sure to send signals that the time to act is now,” he said.

“This new platform also directly supports the UAE government’s green agenda, contributing to the country’s broader sustainability goals,” Dr Saeeda Jaffar, senior vice president and group country manager for GCC at Visa, added.

“This launch, coinciding with the upcoming COP28, underscores the urgency and global focus on addressing climate change, and we are proud to partner with Mashreq Bank and Ecolytiq on this important initiative.”