Commercial Bank International (CBI) in the UAE has partnered with UK-based Zumo, a digital-assets-as-a-service platform, to promote sustainability within digital assets. This partnership will allow CBI to provide insights on the carbon footprint of digital assets, track sustainability goals, and integrate these assets into the UAE’s financial ecosystem with a focus on environmental responsibility. The move aligns with the UAE's ambitions to become a global hub for digital assets and further bolsters its regulatory framework for digital finance. Giovanni Everduin, CBI’s Chief Strategy & Innovation Officer: “Our partnership with Zumo marks a significant milestone in CBI’s ongoing commitment to innovation and sustainability…to provide carbon footprint insights with carbon offsetting for digital assets.”
- The partnership aims to make CBI one of the first banks to offer carbon footprint insights and carbon offsetting for digital assets, positioning it as a sustainability leader in digital finance.
- The collaboration aligns with the UAE’s vision of establishing itself as a hub for digital assets, projected to see substantial revenue growth in the sector, reaching an estimated $616.80 million by 2028.
- Zumo’s commitment to sustainable digital asset practices, as shown through its involvement in the Crypto Climate Accord and Abu Dhabi Sustainable Finance Declaration, reinforces CBI’s strategy of sustainable innovation in digital banking.
