First Abu Dhabi Bank partners with Coriolis Technologies to launch sustainability linked supply chain finance (S–SCF) solution
Abu Dhabi, 11 October 2022: First Abu Dhabi Bank (FAB), the UAE’s largest bank and one of the world’s largest and safest financial institutions, today announced a partnership with Coriolis Technologies to provide sustainable supply chain solutions for clients. The engagement will further enhance FAB’s sustainability strategy by leveraging Coriolis’ sustainability related data analytics and sustainability rating.
Coriolis Technologies, headquartered in the UK, is a leading producer of trade flow data and sustainability analytics for trade and trade finance. Its ESG rating tool provides an automated ESG score of around 400 million companies worldwide.
FAB is committed to support the UAE’s ambitious agenda of promoting sustainable growth and development and has already committed to facilitate USD 75 billion in funding for sustainable projects by 2030. Coriolis Technologies’ sustainable supply chain finance solutions will help meet this goal and assist FAB’s clients in making their supply chain more sustainable and aligned with global ESG standards.
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 KPIs.
Sanjay Sethi, Head of Global Transaction Banking at FAB, said: “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 sustainability of their physical supply chain, while also offering it improved financial support.”
Shargiil Bashir, Chief Sustainability Officer at FAB, said: “The partnership between FAB and Coriolis fully illustrates the bank’s sustainability drive and one of its strongest strategic foundations – to support its clients’ transition to net zero through innovative finance solutions. This cooperation gives FAB an opportunity to enable the bank’s customers to gain greater understanding of their supply chains and to access funding to invest in a net-zero future.”
Dr Rebecca Harding, Founder and CEO of Coriolis Technologies, said: “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. We are incredibly excited to partner and support FAB as they take the lead in facilitating USD 75 billion in funding for sustainable projects by 2030.”