Dubai: Commercial Bank International (CBI), a prominent UAE banking institution, has signed a Memorandum of Understanding (MOU) with Zumo, a leading digital-assets-as-a-service platform registered with the UK Financial Conduct Authority (FCA). This collaboration aims to explore the tracking of digital asset sustainability, reinforcing CBI’s commitment to innovation and the delivery of advanced digital solutions to its clients.
The announcement comes as the UAE cements its status as a global hub for digital assets and innovation. With an advanced regulatory framework in place, the UAE’s digital assets market is expected to generate approximately $453.20 million in revenue by 2024, escalating to an estimated $616.80 million by 2028.
As the nation resumes to cultivate a robust infrastructure for digital asset adoption, the collaboration between CBI and Zumo is strategically placed to enhance the integration of blockchain technology within the financial ecosystem, emphasizing sustainability.
Giovanni Everduin, CBI’s Chief Strategy & Innovation Officer, voiced enthusiasm for the partnership, stating that, “Our collaboration with Zumo marks a significant milestone in CBI’s ongoing dedication to innovation and sustainability. We are eager to work together to become one of the first banks globally to deliver carbon footprint insights and offsetting options for digital assets, supplying our customers and institutions with the necessary tools to achieve their sustainability goals.”
Clark Povey, Chief Operating Officer of Zumo, echoed these sentiments, saying that, “We’re thrilled to reveal our strategic partnership with CBI, one of the UAE’s most forward-thinking banks. Our collaboration will combine Zumo’s pioneering digital assets and blockchain technology with CBI’s financial expertise to drive sustainability. By addressing the critical challenges in the digital asset space, we are launching on an exciting journey ahead.”
Zumo specializes in delivering essential infrastructure that enables financial institutions to enforce sustainable digital asset solutions. As a signatory of the Crypto Climate Accord and the Abu Dhabi Sustainable Finance Declaration, Zumo is committed to advancing sustainability in the digital asset sector. The partnership with CBI aims to accelerate the adoption of digital assets within the UAE’s banking framework.