Fils and Madkhol Partner to Expand Sustainable Investment Opportunities in Saudi Arabia
Fils, an Environmental, Social and Governance (ESG) -focused financial technology company, partnered with Madkhol, a Saudi-based technology platform specializing in Robo-advisory investment services.
The agreement, formally signed during the 24 Fintech event, enables Saudi Arabian investors to include climate action in their portfolios.
Due to this agreement, Madkhol customers will now be able to actively reduce their carbon footprints by investing in carbon credits through Fils' sustainability stack, which is integrated into the platform.
This move gives Saudi Arabia's capital market fintechs a new perspective on sustainable investing.
Mashreq and Fils collaborate on corporate carbon offset services
With its Voluntary Carbon Market (VCM) plan, Saudi Arabia is setting the pace to establish one of the largest carbon trading platforms in the region.
This initiative, intended to encourage investments in carbon credits and assist businesses in reaching their net zero goals, aligns with the nation's 2030 objective.
The VCM observed a record 1,4 million tons of carbon credits being sold at the carbon credit auction.
Nameer Khan, the CEO of Fils said, “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.”
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.”
The partnership between Fils and Madkhol is aligned with Saudi Arabia's VCM initiative.
By utilizing Fils ' sustainability infrastructure, Madkhol consumers can access the quickly expanding carbon credit market with complete transparency and dependability.
