Algbra Partners With Doconomy at COP26 to Further Its Sustainability Agenda With Global Minority Communities
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Algbra’s Chief Strategy Officer, Nizam Uddin OBE and Doconomy CEO, Mathias Wikström at COP26 (Photo: Business Wire)
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”.
Notes to editors
Algbra is a next generation fintech platform headquartered in London, leveraging state-of the-art technology, working with tier one partners and operating within the UK regulatory framework. The Algbra platform is built to create a values-based ecosystem that fits with the everyday financing needs of ethically-minded consumers, offering products and services that have the following principles at its heart – transparency, fairness, sustainability and non-interest based finance. Combining grassroots community understanding with global expertise, Algbra will serve the world’s underserved and overlooked populations to enhance financial wellbeing globally and actively facilitate global social mobility.
Doconomy, founded in Sweden in 2018, is a world-leading provider of applied impact solutions. Doconomy wants to future-proof life on planet earth by empowering individuals and corporations to take responsibility for their environmental footprint. Firmly believing that the climate crisis can only be solved as a collective, Doconomy is also a partner of the United Nations Framework Convention on Climate Change (UNFCCC), Mastercard, S&P Trucost, and the World Wildlife Fund (WWF). www.doconomy.com