Mashreq, UAE fintech Fils to launch carbon offsetting services

Mashreq, UAE fintech Fils to launch carbon offsetting services

UAE - Mashreq, a leading financial institution, has signed a Memorandum of Understanding (MoU) with the UAE-based fintech firm, Fils, to develop a corporate carbon offsetting offering. This helps corporate and institutional clients to integrate carbon offsetting directly from their Mashreq corporate accounts.

Fils is a groundbreaking, enterprise-grade, digital platform that provides the underlying infrastructure for financial institutions, banks and other organisations across industries to launch standalone, sustainable focused products such as carbon offsetting.

This approach to the future of fintech facilitates the transition to an Environmental, Social, and Corporate Governance (ESG) compliant corporate landscape, enabling companies of all sizes to effortlessly embed sustainable and climate action into their business models and customer journeys, across industries.

Blockchain technology

In a bid to eliminate the deceptive practice of misrepresenting environmental responsibility through greenwashing, Fils infrastructure uses blockchain technology to track all carbon credits used to avoid double counting and provide transparency.

The MoU was signed at Mashreq’s Global HQ by Nameer Khan, founder of Fils; and Mashreq’s Head of Corporate and Investment Banking Group, Joel D Van Dusen, with the support of the UAE’s Chief Trade Negotiator and Assistant Undersecretary for International Trade Affairs at the Ministry of Economy, Juma Al Kait.

The agreement represents the first