Dubai fintech Fils & Pakistan's TPS partner for green banking initiative
Emphasising its dedication to environmental stewardship, Dubai-based climate fintech Fils has formed a transformative alliance with TPS, a Pakistan-based player in digital banking and payments solutions. This partnership aims to incorporate Fils' sustainability infrastructure throughout TPS's operations, enabling banks across Pakistan and Asia to monitor their emissions and purchase top-notch carbon credits to neutralise their impact on the environment.
The collaboration also brings Fils' services to Pakistan, strengthening the country's commitment to tackling climate change through high-level sustainability infrastructure. Pakistan, which is currently grappling with the aftermath of climate change-induced flooding, thus portrays its global leadership's dedication towards environmental protection through these initiatives.
Speaking on the venture, Nameer Khan, CEO of Fils, said, "Today's exciting partnership with TPS will make a real impact in dealing with climate change, providing access to high-quality carbon credits via our robust, comprehensive and transparent infrastructure. Our technology-first approach to sustainable action enables SMEs, large corporations and other organisations to seamlessly embed sustainability throughout their global operations."
The alliance strategically equips TPS's extensive network of card issuers and merchant acquirers worldwide with the means to incorporate sustainable business practices via Fils' enterprise-grade payments platform. The companies' partnership enables them to track their environmental footprint precisely, apply carbon intelligence for their end consumers, offset their emissions through top-tier carbon credits, and report their progress with transparency.
Apart from streamlining TPS's sustainability efforts, the partnership is instrumental in Fils' expansion to Pakistan. It offers its next-gen sustainability infrastructure to Pakistani financial institutions, equipping the country with the necessary tools to adopt sustainable infrastructures and move towards a net-zero economy. With special emphasis on seamless integrations and digital-first platforms, TPS simplifies introducing sustainable banking and climate action products or services for banks, fintechs, merchants, telecoms, and payment processors. This guarantees a frictionless customer experience.
Shahzad Shahid, CEO of TPS, emphasises the collaboration's impact: "As a leader in the digital payments industry, we recognise the importance of integrating climate action into our operations and infrastructure. Our collaboration with Fils underscores our commitment to providing a comprehensive suite of digital banking and payments technology, enabling our partners to embed sustainability seamlessly throughout their operations."
Combatting greenwashing, Fils infrastructure utilises blockchain technology for accurate tracking of emissions and carbon credits. This method ensures duplicate-free credits and transparent transactions. The fintech further integrates the blockchain throughout its full-stack infrastructure for corporate climate action, promoting accountability and trust for sustainable corporate actions. Simultaneously, it aids organisations in effectively achieving their net-zero emission targets.
The partnership strengthens Fils's certainty as a prominent player in integrating ESG principles into the global financial services industry. Collaborations with top-tier partners such as Mashreq Bank, Telr, Geidea, Aion and e& Enterprise reinforce this dedication. Fils's avant-garde approach to climate-positive transactions has earned it recognition as a top climate tech company to watch in the Middle East by prestigious organisations, including PwC and Arabian Gulf Business Insight.
