DUBAI, United Arab Emirates - Tuesday, 25. October 2022
Algbra, a sustainable and values-focused digital finance provider dedicated to providing ethical finance solutions and promoting financial wellbeing, joined the GITEX 2022 Dubai line-up to highlight the key role fintech will play in addressing the world’s most pressing issues such as climate change, financial and social exclusion.
During the session ESG and Fintech: Society, Inclusion and the Environment Nizam Uddin OBE, Chief Strategy Officer at Algbra was joined by the Chief Information Technology Officer of Nigeria as well as representatives from Be Mobile Africa and Equb to explore the growing trend for ESG-based assets at a global macroeconomic level, and a consumer level. Moderated by Sabinije von Gaffke, the session discussed the principles of the newest investment paradigm, ESG, its implications in the start-up world, and how ESG-focused fintech organisations are uniquely placed to drive innovation to address social and environmental inequalities.
Algbra is at the forefront of a new wave of fintech that is values-led, going beyond a UX improvement towards addressing some of the world’s most pressing issues, such as financial and social exclusion and climate change. While the first wave of fintechs shaped the future of customer service and provided enabling environments for regulation and ancillary services, this new wave is more diverse. In a report by Algbra and Mastercard on ‘Lifestyle and Values Banking’, it was found that millions of people with values and lifestyle needs, such as environmental consciousness, faith compliance, and disability needs, are often overlooked and underserved.
As a growing disparity emerges between local and global communities causing climate change and those most affected, Algbra has committed to building partnerships with these communities, donating 10% of profits to develop local education, arts, culture and sports.
“Aside from being most impacted by climate change, these communities benefit the least from their financial services, and that is why Algbra is leading a new movement of values and lifestyle-based banking that is defining the next evolution of financial services,” Nizam Uddin OBE said.
Highlighting the opportunity for fintech to lead the space within financial services, Nizam Uddin said: “Long-term sustainable impact on ESG can’t be achieved without strong commercial foundations. Therefore, fintech organisations must first focus on building a trusted financial institution with an ESG focus.”
With ESG deeply embedded within its corporate strategy, Algbra places equal weight on the environmental and social pillars and is committed to tackling the gap between them to build a financial system based on fairness, social welfare and shared prosperity.
Algbra continues to work with several organisations on initiatives to address global issues such as equality, diversity and inclusion. The company partnered with the award-winning Cycle Sisters and Chai Mama Initiative to inspire and enable women from diverse backgrounds to undertake wellness and well-being training. Algbra also continues its environmental efforts with projects in countries most vulnerable to climate change and tackling the broader range of SDGs.