GLASGOW, 3 November 2021; Algbra has partnered with Swedish clean-tech company Doconomy to further its sustainability goals with globally overlooked and minority communities.
The new partnership was announced on Finance Day at the COP26 Conference in Glasgow and will enable Algbra customers to measure their carbon footprint through categorised financial transactions via Doconomy’s Åland Index, and forms part of a wider strategy to raise awareness of, and action around, climate change with overlooked communities by leveraging Algbra’s proprietary banking technology platform.
Algbra continues its commitment to challenging the banking industry to do better on inclusion and sustainability – most recently through its authoring of “Helping the Financially Overlooked with Lifestyle and Values Banking” report with Mastercard – by joining Doconomy’s growing number of finance institutions joining the mission to fight climate change.
Building its products to be inclusive of ethical and Islamic Finance principles – transparency, fairness, sustainability – Algbra is seeking to create a new form of banking where, building on traditional ESG foundations, inclusion, ethics and fairness are combined with the conviction that institutions must act for the common good.
Mathias Wikström, CEO of Doconomy, said: “Companies with a higher purpose than revenue inspire the Doconomy team. Companies taking a stand for excluded and underserved groups of individuals are role models for others to follow. Algbra is combining their value-focused entrepreneurship with technological brilliance, where responsibility, ethics and fairness is at the core. We are grateful to be supporting the Algbra mission”.
Nizam Uddin OBE, Chief Strategy Officer of Algbra, said: “Whilst climate change is an inescapable global crisis impacting everyone, the burden of climate change falls disproportionately on already marginalized groups, both in developed and developing contexts. Algbra is proud to partner with Doconomy to give our consumers the tools they need to start visualising their carbon footprint, and is just the beginning of our journey as an ecosystem that commits to equipping communities to doing more”.