UAE Commercial Bank International (CBI), a leading UAE bank, has partnered with Zumo, an award-winning digital-assets-as-a-service platform registered with the UK Financial Conduct Authority (FCA) to enable both parties to explore the tracking of digital asset sustainability.

As per the press release this marks a significant step in CBI’s commitment to furthering innovation and offering cutting-edge digital solutions to its clients.

The UAE’s digital assets market is projected to generate $453.20 million in revenue by 2024, reaching an estimated $616.80 million by 2028.

The Commercial Bank of Dubai (CBD) recently launched a dedicated accounts for Virtual Asset Service Providers (VASPs) to manage client money and regulatory prudential requirements, in compliance with the latest regulations issued by the Central Bank of UAE and the Dubai Virtual Assets Regulatory Authority (VARA). The first VASP to be onboarded is Laser Digital a crypto broker and investment service provider, a subsidiary of Japanese Nomura.

Giovanni Everduin, Chief Strategy & Innovation Officer of Commercial Bank International, said, “Our partnership with Zumo marks a significant milestone in CBI’s ongoing commitment to innovation and sustainability. Aligned with our vision of partnership driven innovation, we look forward to collaborating with Zumo to become one of the first banks in the world to provide carbon footprint insights with carbon offsetting for digital assets. This revolutionary capability will ensure that, as digital assets become further embedded within the financial ecosystem, customers and institutions have the required tools and data to ensure their sustainability goals are tracked and achieved.”

Clark Povey, Chief Operating Officer of Zumo, added, “We’re delighted to announce our strategic partnership with Commercial Bank International, one of the UAE’s most innovative banks, headquartered in Dubai. Our collaboration with CBI will see Zumo’s pioneering digital assets and blockchain technology complement CBI’s financial expertise and innovative approach to drive sustainability. Zumo solves the biggest challenges in digital assets for financial institutions by providing business-critical technologies to navigate the rapidly evolving digital asset landscape, and with Zumo’s technology and leadership in sustainability of digital assets, the exciting journey ahead is just beginning.”

Zumo provides the critical infrastructure required by financial institutions to implement sustainable digital asset solutions.

As an early signatory of the Crypto Climate Accord, a signatory of the Abu Dhabi Sustainable Finance Declaration and a key contributor to industry guidelines for the decarbonization of digital assets, Zumo has firmly established itself as a leader in advancing sustainability within the digital asset sector. By aligning Zumo’s technology and expertise with CBI’s innovative approach to banking services, this partnership is poised to accelerate the adoption of digital assets within the UAE’s banking ecosystem.

Prior to this, Commercial Bank International and Fuze, MENA’s digital asset infrastructure provider, signed a Memorandum of Understanding that would allow both parties to jointly explore digital assets use cases under the comprehensive regulatory frameworks of the UAE. The agreement between CBI and Fuze provided the foundations for innovative new use cases that leverage the potential of blockchain and digital assets, including investments and payments.