Commercial Bank International (CBI), a leading UAE bank, has announced the signing of a Memorandum of Understanding (MOU) with Zumo, an award-winning digital-assets-as-a-service platform registered with the UK Financial Conduct Authority (FCA).
According to Industry sources, this partnership will permit both parties to explore the best path to tracking digital asset sustainability, marking a significant step in CBI’s commitment to triggering innovation and offering cutting-edge digital solutions to its clients.
Giovanni Everduin, Chief Strategy & Innovation Officer of Commercial Bank International, stated: “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: “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. With Zumo’s technology and leadership in the sustainability of digital assets, the exciting journey ahead is just beginning.”
Industry sources further confirmed that this agreement comes as the UAE powers its position as a leading global hub for digital assets and innovation. Bolstered 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 and reach an estimated $616.80 million by 2028.
Furthermore, according to Industry sources, as the UAE continues to boost and construct a strong framework for digital asset adoption, the partnership between CBI and Zumo is well-positioned to aid the nation’s ambition to integrate blockchain into its financial ecosystem with sustainability at its core.
Industry sources further confirmed that Zumo offers the critical infrastructure required by financial institutions to implement sustainable digital asset solutions.
Industry sources further confirmed that 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 strongly led itself as a leader in advancing sustainability within the digital asset sector. By utilizing Zumo’s technology and expertise with CBI’s innovative approach to banking services, this partnership is all set to trigger the adoption of digital assets within the UAE’s banking ecosystem.
