Fils, a leader in ESG-focused fintech, has partnered with Saudi-based Madkhol, a platform specializing in Robo-advisory investment services. This collaboration, announced at the 24 Fintech event, allows Madkhol’s users to invest in carbon credits and offset their carbon footprint directly through the platform. By integrating Fils’ sustainability stack, Madkhol is setting a new standard for capital market fintechs in Saudi Arabia and beyond.
Market Opportunity and Saudi Arabia’s VCM Initiative
Capital markets are crucial for driving economic growth and sustainability. The world requires $9.2 trillion annually to meet sustainability goals, with capital markets playing a key role. In 2020, sustainable investments reached over $35 trillion in assets. Saudi Arabia’s Voluntary Carbon Market (VCM) initiative, led by the Public Investment Fund and the Saudi Tadawul Group, aims to create a significant carbon trading platform, aligning with Vision 2030 goals. The inaugural auction saw 1.4 million tons of carbon credits sold, showcasing the sector’s potential.
The Fils and Madkhol partnership aligns with Saudi Arabia’s VCM initiative, enabling users to participate in the carbon credit market with transparency and integrity, setting a new standard for ESG investments.
Nameer Khan, CEO of Fils, commented:
“Our partnership with Madkhol is timely as sustainable finance becomes a cornerstone of capital markets. Together, we enable users to make investments that drive returns and contribute to a sustainable future. This collaboration underscores Fils’ commitment to transparency and trust, essential in building a credible solution in the sustainability space.”
Saad bin Atyan, CEO of Madkhol, added:
“Partnering with Fils elevates our platform by integrating carbon credit investments, offering our customers a practical way to offset emissions. Signing this partnership at 24 Fintech highlights our commitment to pioneering sustainable fintech in Saudi Arabia.”
With Fils’ API-driven sustainability stack, Madkhol customers can access various carbon credit projects, ensuring transparent reporting and alignment with environmental goals. This integration supports Saudi Arabia’s Vision 2030 objectives of promoting sustainability and reducing carbon emissions.
Ahson Saeed, Partner – Strategy & Commercials at Fils, commented:
“At Fils, we believe in responsible, impactful investments. Our partnership with Madkhol combines cutting-edge technology with a commitment to sustainability, empowering investors to take actionable steps towards a greener future. This collaboration marks a new chapter in sustainable finance, aligned with Saudi Arabia’s ambitious climate goals and the global ESG movement.”
About Fils:
Fils is an award-winning digital infrastructure platform dedicated to embedding sustainability into transactions. Recognized by PwC and Deloitte, Fils partners with leading regional names, supporting over 105 banks, 1.5 million merchants, and 4 million wallets. Utilizing fintech and blockchain technologies, Fils integrates climate-positive solutions across industries, fostering trust through transparency and integrity.
About Madkhol:
Madkhol is a Saudi technology platform offering Robo-advisory investment services, empowering customers to make informed investment decisions. Focused on leveraging technology for smarter financial outcomes, Madkhol leads in integrating sustainability within capital markets.