Fils, a pioneering force in ESG-focused financial technology, recently announced an exciting new partnership with Madkhol, a Saudi-based technology platform specializing in Robo-advisory investment services.
Industry sources added that the official signing took place near the prestigious 24 Fintech event, marking a huge milestone for both firms and the region. This partnership permits Madkhol’s clients to seamlessly invest in carbon credits and actively offset their carbon footprint directly through the platform. By embedding Fils’ sustainability stack, Madkhol is setting a new benchmark for capital market fintechs in Saudi Arabia and beyond, enabling clients to integrate impactful climate action into their investment portfolios.
The Market Opportunity and Saudi Arabia’s VCM Initiative
Industry sources added that Capital markets play a huge role in powering economic growth and sustainability initiatives. Globally, the world requires $9.2 trillion annually to meet sustainability and climate goals, according to industry estimates. Accomplishment of this will require the participation of every industry, with capital markets as a key driver of this monumental transition. Sustainable investments, which reached over $35 trillion in assets in 2020, are a critical part of this movement.
Industry sources further confirmed that the partnership between Fils and Madkhol is strategically aligned with Saudi Arabia’s VCM initiative. By leveraging Fils’ sustainability infrastructure, this partnership permits clients to participate in the carbon credit market with full transparency, trust, and integrity, setting a new standard for ESG investments.
Saudi Arabia is powering the charge with its Voluntary Carbon Market (VCM) initiative, which focuses on to creation of one of the huge carbon trading platforms in the region. Powered by the Public Investment Fund (PIF) and the Saudi Tadawul Group, this initiative aligns with the nation’s Vision 2030 goals and is designed to promote investments in carbon credits and support companies in achieving their net-zero ambitions.
Industry sources further confirmed that the inaugural auction of carbon credits by the Saudi VCM witnessed a record 1.4 million tons of carbon credits sold, highlighting the sector’s growth potential.
CEO of Fils, Nameer Khan, commented: “Our partnership with Madkhol comes at a critical time when sustainable finance is becoming a cornerstone of capital markets, and Saudi Arabia’s VCM initiative is setting the stage for the region. Together, we are enabling users to make investments that not only drive returns but also contribute to a sustainable future. This collaboration highlights Fils’ commitment to transparency and trust, essential elements in building a credible and superior solution in the sustainability space.”
He added, “The global challenge of reaching $9.2 trillion annually in climate investments can only be met through the leadership of key industries, and capital markets are at the forefront of this transformation. Fils’ integrity-driven platform ensures that businesses and investors can participate in carbon markets with confidence, helping to foster a more sustainable world.”
Saad bin Atyan, CEO of Madkhol, added: “At Madkhol, we are committed to providing our customers with innovative and responsible investment solutions. Partnering with Fils allows us to take our platform to the next level by integrating carbon credit investments and giving our customers a practical way to offset their emissions. Signing this partnership at 24 Fintech highlights our dedication to pioneering sustainable fintech in Saudi Arabia.”
By utilizing Fils’ comprehensive API-driven sustainability stack, Madkhol customers can now access a variety of carbon credit projects, enabling transparent reporting and ensuring investments align with environmental goals. This seamless integration also supports Saudi Arabia’s Vision 2030 objectives of promoting sustainability and reducing carbon emissions.
Ahson Saeed, Partner – Strategy & Commercials at Fils, commented: “At Fils, we believe that the future of finance is not just about returns, but about responsible, impactful investments. Our partnership with Madkhol is a testament to this vision, bringing together cutting-edge technology and a deep commitment to sustainability. By integrating carbon credit investments into everyday financial decisions, we are empowering investors to take actionable steps towards a greener future. This collaboration marks a new chapter in sustainable finance, aligned with Saudi Arabia’s ambitious climate goals and the broader global movement towards ESG-driven growth.”
