Abu Dhabi: 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.”

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About FAB

FAB is the UAE’s largest bank and one of the world’s largest and safest financial institutions. FAB’s focus is to create value for its employees, customers, shareholders and communities to grow through differentiation, agility and innovation.

Headquartered in Abu Dhabi, the bank’s international network spans five continents, providing global relationships, expertise and financial strength to support local, regional and international businesses seeking to do business at home and abroad. FAB is a trusted adviser and regional partner to major institutions, emerging companies    and individuals seeking to do business in the UAE, the MENA region and beyond. As an engine of growth for the region, it helps customers to thrive and grow stronger by managing risk, providing access to capital and facilitating trade flows across developed and emerging markets.

With total assets of over AED 1 Trillion (USD 284 Billion) as of June-end 2022, FAB is rated Aa3/AA-/AA- by Moody’s, S&P and Fitch, respectively - the strongest combined ratings of any bank in the MENA region. The Bank has been    ranked by Global Finance as the Safest Bank in the UAE and the Middle East, and the 32nd Safest Bank globally. The Banker’s Top 1000 World Banks 2021 rankings, measured by Tier 1 capital, ranked FAB as #1 in the UAE, #3 in the Middle East and #91 across the globe. FAB is also a regional sustainability leader (MSCI ESG rating of AA, ‘Leader’ category), and a constituent of MSCI ESG Leaders and FTSE4Good EM indices.

For further information, visit: www.bankfab.com.

About Coriolis Technologies

Coriolis Technologies is a leading trade data and analytics provider, offering real-time insight into global environmental, social and governance efforts.

Coriolis Technologies aggregates global trade data from unique and secure sources. Proprietary technology analyses the data, producing vital intelligence for banks and businesses, scoring company activity against essential industry requirements, including Sustainable Development Goals and ESG regulation.

Captured information provides insight into international business activity, risk assessment, regulation compliance, governance adherence, geopolitical risk, due diligence, and supply-chain analysis. The underlying data fabric of Coriolis Technologies is non-punitive, unbiased, and scaleable, offering a unique and independent view of the global economy.

For further information, visit: https://coriolistechnologies.com/