The UAE’s Commercial Bank International (CBI) has signed a Memorandum of Understanding (MOU) with Zumo, an award-winning digital-assets-as-a-service platform registered with the UK Financial Conduct Authority (FCA).
Under the partnership, both parties will explore the tracking of digital asset sustainability. This marks a key step in CBI’s commitment to furthering innovation and offering cutting-edge digital solutions to its clients.
As the UAE is emerging as a leading global hub for digital assets and innovation, this agreement plays a key role in the development of the digital banking ecosystem. Enhanced by its progressive and industry-specific regulatory environment, the UAE’s digital assets market is projected to generate $453.20 million in revenue by 2024, reaching an estimated $616.80 million by 2028.
The MoU between CBI and Zumo is set to support the nation’s ambition to integrate blockchain into its financial ecosystem with sustainability at its core.
Giovanni Everduin Chief Strategy & Innovation Officer – Commercial Bank International
“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.”
Clark Povey, Chief Operating Officer of Zumo, stated that, “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 offers the critical infrastructure required by financial institutions to adopt sustainable digital asset solutions. As an early signatory of the Crypto Climate Accord, a signatory of the Abu Dhabi Sustainable Finance Declaration and a key contributor to industry guidelines for the decarbonization of digital assets, Zumo has firmly established itself as a leader in advancing sustainability in digital assets.
By aligning Zumo’s technology and expertise with CBI’s innovative approach to banking services, this partnership aims to boost the implementation of digital assets within the UAE’s banking ecosystem.
