Fintech is ideally placed to tackle the most pressing global concerns – News
Algbra, a sustainable and value-focused digital finance provider dedicated to providing ethical financing solutions and promoting economic well-being, joined the GITEX 2022 Dubai series to highlight the key role fintech will play in addressing the world’s most pressing issues such as climate change, economic and social exclusion .
During the session ESG and Fintech: Society, inclusion and the environment, Nizam Uddin OBE, Head of Strategy at Algbra was joined by the Chief Information Technology Officer in Nigeria as well as representatives from Be Mobile Africa and Equb to explore the growing trend of ESG-based assets globally macroeconomic level, and consumer level. Moderated by Sabinije von Gaffke, the session discussed the principles of the newest investment paradigm, ESG, its implications in the startup world, and how ESG-focused fintech organizations are uniquely positioned to drive innovation to address social and environmental inequalities.
Algbra is at the forefront of a new wave of value-driven fintech, going beyond a UX improvement to address some of the world’s most pressing problems, such as financial and social exclusion and climate change. While the first wave of fintech 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 awareness, religious observance and disability needs, are often overlooked and underserved.
As a growing gap emerges between local and global communities that cause climate change and those most affected, Algbra is committed to building partnerships with these communities, donating 10 percent of profits to develop local education, arts, culture and sports.
Uddin OBE said: “Apart from being most affected by climate change, these communities benefit least from their financial services, which is why Algbra is leading a new movement of values and lifestyle-based banking that is defining the next evolution of financial services.”
Highlighting the opportunity for fintech to lead the financial services industry, Uddin OBE said: “Long-term sustainable impact on ESG cannot be achieved without strong commercial foundations. Therefore, fintech organizations must first focus on building a trusted financial institution with an ESG focus.”
With ESG deeply rooted in its corporate strategy, Algbra places equal emphasis 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 organizations on initiatives to address global issues such as equality, diversity and inclusion. The company partnered with the award-winning Cycle Sisters and the Chai Mama Initiative to inspire and enable women from diverse backgrounds to exercise in wellness and well-being. Algbra also continues its environmental efforts with projects in countries most vulnerable to climate change and tackles the wider range of sustainability goals.
