RAKBANK and Ripple Partner in Sustainable Development: Introducing Social Finance Framework

RAKBANK and Ripple collaborate in sustainable development, introducing the Social Finance Framework. Learn how they prioritize social and environmental sustainability to make a positive impact.

Posted 8 months ago in Blockchain

A graphic showing RAKBANK's partnership with Ripple, symbolizing sustainable development and financial inclusion

RAKBANK and Ripple Partner in Sustainable Development: Introducing Social Finance Framework

UAE-headquartered RAKBANK (National Bank of Ras Al Khaimah) has released a comprehensive thesis on the social aspects of Web3, highlighting its partnership with US fintech decacorn, Ripple. RAKBANK, one of UAE's largest and technologically advanced banks, is committed to making a positive social impact by prioritizing social and environmental sustainability.

The thesis covers RAKBANK's sustainable development strategy, focusing on public goods and eco-friendliness. It outlines how modern banking entities can support significant social developments in the long run through its Social Finance Framework.

RAKBANK's Social Finance Framework is a major step towards fostering a sustainable future. In line with their commitment to environmental, social, and governance (ESG) principles, the bank's strategy includes managing its carbon footprint, supporting eco-friendly financial solutions, and empowering small and middle entrepreneurs. They also emphasize on financial inclusion and literacy for underbanked segments of the audience.

RAKBANK's partnership with Ripple is highlighted as an integral part of their social efforts. The collaboration leverages blockchain technology to improve the speed, efficiency, and security of cross-border remittances. This instant remittance service enhances access to banking services and mitigates cash vulnerability.

To achieve a sustainability status aligned with the United Nations' Sustainable Development Goals and the Global Reporting Initiative, RAKBANK incorporates ESG criteria into its Balanced Scorecard. Additionally, the bank is focused on establishing clear ESG governance within the entity.

RAKBANK's initiative is in line with the growing trend in the blockchain industry. Companies like BlackRock and EOS Network have also released documents emphasizing the integration of ESG elements into their tech development and marketing strategies. These efforts aim to offset the carbon footprint and contribute to a more sustainable future.

Last updated 9/30/2023, 7:58:18 PM


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