CBI and Zumo Partner to Track Sustainability in Digital Assets
Commercial Bank International (CBI), a UAE-based bank, has entered into a
strategic partnership with Scottish fintech Zumo. This collaboration will focus on exploring methods to track the sustainability of digital assets—a step in CBI’s ongoing work to bring innovative, environmentally conscious digital solutions to its clients.
The UAE is rapidly positioning itself as a centre for digital asset growth and
regulatory clarity, with projections suggesting that the nation’s digital asset
market will grow from $453.20 million in 2024 to $616.80 million by 2028.
As digital assets become a more established part of the financial landscape, both
CBI and Zumo aim to contribute to a framework that prioritises transparency and
environmental awareness.
Giovanni Everduin, Chief Strategy & amp; Innovation Officer at CBI, commented on the
partnership:
“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.”
For Zumo, the partnership represents an opportunity to extend their focus on
sustainability within the digital asset sector.
Clark Povey, Zumo’s Chief Operating Officer, shared his perspective:
“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..”
Zumo’s platform is designed to help financial institutions address sustainability
challenges within digital assets. It provides tools to meet MiCA’s sustainability
disclosure requirements in the EU, simplifying how crypto asset service providers
(CASPs) can publish environmental sustainability indicators for distributed ledgers.
With these tools, CASPs can provide transparent, accessible data on the
environmental impact of their digital assets.
Zumo is committed to decarbonising digital assets and plays and important role as
an early signatory of the Crypto Climate Accord and the Abu Dhabi Sustainable
Finance Declaration.
