First Abu Dhabi Bank (FAB), the UAE’s largest bank and one of the world’s largest and safest financial institutions, has entered a partnership with Coriolis Technologies to provide sustainable supply chain finance (SCF) solutions for clients.
Coriolis Technologies, headquartered in the UK, is a leading producer of trade flow data and sustainability analytics for trade and trade finance. Its Environmental, social, and governance (ESG) rating tool provides an automated ESG score of around 400 million companies worldwide.
The engagement will further enhance FAB’s sustainability strategy by leveraging Coriolis’ sustainability-related data analytics and sustainability rating. FAB is committed to support the UAE’s ambitious agenda of promoting sustainable growth and development and has already committed to facilitating $75 billion in funding for sustainable projects by 2030.
This partnership enables FAB to further build on the SCF solutions currently offered by the bank and will enable clients to gain visibility across their supply chain, assign a sustainability rating for each individual supplier, and contribute to their own sustainability key performance indicators (KPIs).
“Through this strategic partnership with Coriolis Technologies, FAB will now be closer to meeting our sustainability targets and helping our valued clients in the UAE and other markets meet their sustainability objectives. We are committed to building relevant and scalable fintech partnerships that enable us to offer value-added propositions to our clients. Using the new supply chain finance solution, our clients will be able to evaluate and improve the sustainability of their physical supply chain, while also offering it improved financial support.”
Dr. Rebecca Harding, Founder and CEO of Coriolis Technologies, said that “The aim of First Abu Dhabi Bank to create value for its employees, customers, shareholders, and communities to grow through differentiation, agility, and innovation is one that Coriolis Technologies shares at a fundamental level.”