Commercial Bank International and Zumo team up over digital asset sustainability

COMMERCIAL Bank International (CBI) - a leading UAE bank - has announced the signing of a memorandum of understanding (MOU) with award-winning digital-assets-as-a-service platform Zumo.

The partnership will enable both parties to explore the tracking of digital asset sustainability, marking a significant step in CBI’s commitment to furthering innovation and offering cutting-edge digital solutions to its clients.

The agreement comes as the UAE - bolstered by its progressive and industry-specific regulatory environment - is projected to generate $453.20 million in revenue by 2024, reaching an estimated $616.80 million by 2028.

“Our partnership with Zumo marks a significant milestone in CBI’s ongoing commitment to innovation and sustainability," said Giovanni Everduin, Chief Strategy & Innovation Officer of Commercial Bank International.

"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.”