Commercial Bank International Partners with Zumo to Enhance Digital Asset Sustainability

UAE bank Commercial Bank International (CBI) has forged a partnership with Zumo, a digital-assets-as-a-service platform, to explore the tracking of digital asset sustainability.

The UAE’s digital assets market is expected to generate $453.20million in revenue by 2024 and reach an estimated $616.80million by 2028.

As the UAE continues to build a robust framework for digital asset adoption, the partnership between CBI and Zumo aims to support the nation’s ambition to integrate blockchain into its financial ecosystem with sustainability also at its core.

Giovanni Everduin, chief strategy and 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.”

While Clark Povey, chief operating officer of Zumo, also added: “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.