Commercial Bank International (CBI) has signed a Memorandum of Understanding (MOU) with Zumo.
The agreement will allow both parties to explore the tracking of digital asset sustainability, which the CBI states is a significant step in its commitment to furthering innovation and offering enhanced digital solutions to its clients.
Giovanni Everduin, Chief Strategy and Innovation Officer of Commercial Bank International, said: “Our partnership with Zumo marks a significant milestone in CBI’s ongoing commitment to innovation and sustainability.
“Aligned with our vision of partnership-driven innovation, we look forward to collaborating with Zumo to become one of the first banks in the world to provide carbon footprint insights with carbon offsetting for digital assets.
“This revolutionary capability will ensure that, as digital assets become further embedded within the financial ecosystem, customers and institutions have the required tools and data to ensure their sustainability goals are tracked and achieved.”
Zumo, a digital-assets-as-a-service platform registered with the UK Financial Conduct Authority (FCA), will provide CBI with the ‘critical’ infrastructure required to implement sustainable digital asset solutions.
Clark Povey, Chief Operating Officer of Zumo, said: “We’re delighted to announce our strategic partnership with Commercial Bank International, one of the UAE’s most innovative banks, headquartered in Dubai. Our collaboration with CBI will see Zumo’s pioneering digital assets and blockchain technology complement CBI’s financial expertise and innovative approach to drive sustainability.
“Zumo solves the biggest challenges in digital assets for financial institutions by providing business-critical technologies to navigate the rapidly evolving digital asset landscape, and with Zumo’s technology and leadership in sustainability of digital assets, the exciting journey ahead is just beginning.”
As mentioned above, CBI is based in the UAE, a country that is at the forefront of digital asset development. In a release, CBI notes that the UAE’s digital assets market is projected to generate $453.2m in revenue by 2024, reaching an estimated $616.8m by 2028.
Recently, the UAE has progressed in a range of financial sectors. Examing the country’s emergence as a financial hub, Payment Expert spoke to Nauman Hassan, Regional Director of MENA at Paymentology, who explained what went into building the backbone of the UAE’s financial landscape and how it is competing in modern times.
