What a first half it has been for Fils!
Since our launch six months ago, we have exceeded our initial expectations, establishing Fils as the leading ESG infrastructure provider across the MENA region, from Bahrain to Pakistan.
With nine strategic partnerships with the biggest financial and fintech institutions in the region, Fils is driving sustainable digital transformation and ending greenwashing to create a better future for all.
Today our infrastructure supports over 105+ banks, 1.5 million merchants and 4 million wallets across the MENA regions – with more to come ahead.
These accomplishments have been made possible by our dedicated team and committed ecosystem partners.
While we continue to act swiftly and decisively in the fight against climate change, it’s also a time to review our achievements, showcasing what’s possible and inspiring others to join the battle against the greatest threat to our existence.
Here’s a summary of our biggest achievements.
Driving innovation through strategic partnerships
In the United Arab Emirates (UAE) Fils struck its first deal with leading payments solution provider Magnati, in early December, with COP28 serving as the perfect platform to outline the company’s Net Zero by 2050 target.
This was followed by other wins in the country. Fils forged partnerships with e&enterprise and Mashreq to enhance the sustainability of digital payments and advance carbon offsetting initiatives. It also joined forces with Telr, a global online payments leader, underscores our commitment to integrating ESG into corporate environmental standards through innovative sustainability initiatives.
Fils also entered the Saudi market, aligning with the nation’s Vision2030 plan and its ambitious goal of achieving net-zero emissions by 2060. Our partnerships with Geidea and CASHIN KSA marked a significant breakthrough in the region, indicating Fils’ implication to initiatives that extend beyond corporate impact.
In Bahrain, partnerships with Aion and AFS underscored our dedication to supporting banks in implementing sustainable policies, including ecological financial products and ESG ranking systems. These efforts showcase Fils’ capacity to promote sustainability and protect the planet.
Expanding our sustainability coalition further afield to Pakistan, we struck a deal with TPS that is instrumental in integrating sustainability into their clients’ actions through carbon credit implementation, mitigating consumers emissions.
Put it on the Blockchain
Our collaboration with Sui, an innovative blockchain, marked an essential moment in our journey towards sustainability. Through this partnership, we’ve integrated decentralised infrastructure into our ecosystem, revolutionising the landscape of carbon credit accounting by eradicating the issue of double counting. The partnership was agreed towards the culmination of COP28, underlining our shared commitment to aligning with the goals set forth by nations across the Middle East.
Earning Recognition: The Validation of our Initiatives
Our exhaustive work attracted support and accolades that have helped to spread the word about what we are trying to achieve.
We received ESG Mena’s Best Social Impact Project award for our collaboration with Sui Foundation, dispelling greenwashing and boosting traceability in corporate climate action.
We also earned a coveted spot in the PwC ranking of the top 50 innovators driving technology for emissions reduction in the Middle East. Among 500 businesses, Fils stood out for its exceptional capacity to integrate
climate-focused technology. The establishment of the PwC Net Zero Future50 shortly before COP28 solidifies Fils’ standing as a key regional player in sustainability initiatives.
We were equally humbled to be listed as one of the 10 fintechs to look out for in 2024, demonstrating that the partnerships established at the end of 2023 alone are enough for us to be recognised as a driving force in the Middle East.
The Road Ahead
I am exhilarated by the strides we’ve made in the past six months and filled with anticipation for Fils’ ongoing ascent in the ESG arena and the amazing partners that share our values and urgency to address the crisis we face.
The seamless succession of deals we’ve sealed fuels my belief in the boundless possibilities ahead. Our ability to integrate markets across the Middle East speaks volumes about our ambitions to cast a new light on what is possible in the world of environmental action.
Yet this is just the beginning. There is so much we need to do to tackle climate change and reverse the terrible impact that our unsustainable practices have had on Earth.
“Act now” is our mantra, and that is exactly what we are doing with our work and our partners.
As we enter the second half of our existence, Fils is poised for continuous growth, consistent in our commitment to end dangerous greenwashing and promote a new way of living that benefits both the environment and society
Follow us as we seize the moment and forge a path towards a more sustainable planet!