The Central Bank of Bahrain (“CBB”) announces the launch of Greenwashing TechSprint in collaboration with the Global Financial Innovation Network (GFIN). The CBB will be among 13 international regulators taking part in the first edition of the competition.
GFIN is a group of over 80 international organisations committed to supporting financial innovation in the interest of consumers and it is currently chaired by the Financial Conduct Authority. The CBB as a participating member is inviting firms from around the globe to participate in this Greenwashing TechSprint.
The number of investment products marketed as ‘green’ or making wider sustainability claims is growing. Exaggerated, misleading or unsubstantiated claims about Environmental, Social and Governance (ESG) credentials damage confidence in these products and the CBB wants to ensure that consumers and firms can trust that products have the sustainability characteristics they claim to have.
The CBB will therefore be participating in a virtual TechSprint, hosted on the Financial Conduct Authority’s (FCA) Digital Sandbox, to bring together international regulators, firms and innovators to address sustainable finance as a collective priority. The TechSprint will be to develop a tool or solution that can help regulators and the market effectively tackle the risks of greenwashing in financial services.
In this regard, Director of Fintech and Innovation Unit at CBB Ms. Yasmeen Al Sharaf commented “The world is at a critical juncture and the financial services sector has a unique responsibility to drive positive change. We are pleased to announce our participation in this TechSprint and look forward to finding solutions that will combat the growing risk of greenwashing in financial services. By leveraging technology, we can build a more transparent, trustworthy and sustainable financial ecosystem.”
Continue reading on banks:
Kenya Institute of Bankers now backing the country’s biggest FSI show
B.TECH unveils partnership with Coldwell Banker Egypt
Al Busiari Bank boosts Yemen’s FI by electing ICS BANKS IBS
