Fils' carbon credit tokenisation technology lauded in PwC report

Fils, a provider of enterprise-grade digital infrastructure, has been featured in a PwC Middle East report titled "Carbon credit tokenisation: Pioneering a sustainable future." Since its inception ahead of Cop28 last year, Fils has incorporated a sustainability infrastructure within numerous finance leaders across the Middle East, including Mashreq and Magnati.

Due to their crucial role in facilitating sustainability, carbon credits are set to become a dominant player in climate action. The carbon credits market is projected to burgeon to USD $100 billion by 2030. The PwC Middle East report scrutinises the phenomenon of carbon credit tokenisation and the resulting benefits to financial institutions in combating climate change.

This comprehensive report highlights the real-world deployment of carbon credit tokenisation as executed by Fils. Their innovative technology is noticeably utilised by a number of their banking clientele. Ahead of COP28 last year, Fils introduced new digital tools to businesses across diverse sectors. Their novel software has enabled major fintechs such as Magnati and Geide and banks like Mashre to process payments that automatically compensate for carbon emissions, in turn ensuring business transparency and making transactions eco-friendlier.

Fils also uses advanced analytics for carbon emission calculations in corporate spending. Nameer Khan, CEO of Fils, expressed his pride in the recognition of Fils' role in integrating climate action into business models. He stated, "Since our inception, we have been instrumental in assisting financial institutions to incorporate climate action into their operations effectively. This report amplifies our reach, giving us a larger platform to inform others about what we do and expand into new regions."

The PwC Middle East report discusses the emergence of tokenisation and its influential role in refining financial services. Tokenised carbon credits are creating transformative opportunities by building a transparent, efficient, and accessible market that supports the Paris Agreement's goal of reducing emissions by 45% by 2030.

Serena Sebastiani, Virtual Assets Consulting Leader at PwC Middle East, commented on the report, "By merging insights from Fils application of technology with our strategic overview, the report aims to educate financial institutions about the benefits of tokenisation applied to carbon credits, driving a shift towards how the world of finance can play a big role in saving our planet, one token at a time."

Fils has established strategic partnerships with major financial institutions in the region, including Magnati in the UAE, Geidea in the KSA, and Mashreq Bank. This empowers millions of merchants worldwide to diminish their environmental impact, further emphasising the pressings need for sustainable finance for a more robust climate future.