New Report Reveals FinTechs Are Increasingly Focused on Ethical and Sustainable Growth
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- New research from the Payment Association identifies sustainability superheroes working within the FinTech industry at the forefront of ethical and sustainable growth
- The report offers businesses real-world advice, inspiration and best practices, comprised of case studies from Mastercard, FIS and Algbra
- The project also shows that members of The Payment Association are making significant progress towards embracing sustainability, with over 90% measuring progress towards gender equity and 60% seeking to reduce waste. of their supply chain.
LONDON–(BUSINESS WIRE)–A new white paper published by The Payments Association (formerly Emerging Payments Association or EPA) aims to become a practical guide to ethical and sustainable growth (ESG) for the FinTech industry.
As Sustainability Superheroes: A Practical Guide to ESG for FinTechs highlights, the rules of trade are changing. Whereas in previous decades the sole objective of business leaders was to maximize returns for shareholders, new paradigms such as ESG and stakeholder capitalism mean that a balance must be found between the benefits and other concerns that fall under the rubric of “sustainability”.
Rather than simply urging companies to become more sustainable, the report offers advice, inspiration and real-world best practices from leading “sustainability superheroes”, including Charlie Bronks, SVP, Head of ESG at Crown Agents Bank, Irene Perez, Head Of Marketing at Gain The Lead and Jim Colvine, Senior Vice President, Priceless Planet at Mastercard. Case studies from leading companies such as Mastercard, FIS and Algbra show how various companies have addressed sustainability in their operations.
The project is anchored in data from members of the Payment Association on their own ESG priorities, and this data shows that the industry is making significant progress towards adopting sustainable practices and ethical goals:
Over 90% of companies measure progress towards gender equity
80% consider the impacts of their products and services on social justice
60% seek to reduce waste in their supply chain
60% have identified their ESG stakeholders and prioritized them
Of course, the definition of sustainability varies widely and ethical goals are difficult to pin down (maximizing shareholder returns is arguably an ethical commitment, for example), but the results show that the FinTech industry is making major strides. towards integrating these ideas into his daily life. operations today.
Tony Craddock, CEO of the Payments Association, commented: “We are extremely proud to publish this report at a time when the industry as a whole is fully embracing ESG objectives. Now more than ever, people want to make more eco-friendly decisions and that extends to the brands they do business with. We are delighted that our report not only describes the ways in which companies can become more ethical and sustainable, but also that it shows that the majority of companies have already started on this path.
Jim Colvine, Senior Vice President, Priceless Planet at Mastercard, says: ‘Increasingly, people are recognizing that the things we produce, buy and consume are important to the environment of our planets. COVID-19 has only heightened those concerns, and now more than ever, people want to have a positive and lasting impact on the world.
He adds: “It is extremely encouraging to see the fintech industry recognize this. While most companies are already showing that they are on the right track to focus more on the environment and ethics, it is clear that progress is being made. At Mastercard, we are making strides by having a strong portfolio of eco-friendly solutions, including our carbon calculator, developed with Swedish fintech Doconomy, which makes it easy for consumers to understand their carbon footprint, and our lab Sustainable Innovation Center brings together innovators and customers to design climate-friendly digital solutions. It is our responsibility as an industry to meet the expectations of our consumers and ensure that sustainable goals are set and achieved, for the good of the planet.
To download a copy of the report, please visit: https://bit.ly/3aMVS4o
For more information about the work and services of The Payments Association, you can visit https://thepaymentsassociation.org/ or contact [email protected]
About the Payments Association
The Payments Association (formerly Emerging Payments Association or EPA) is a community for all payments businesses, regardless of size, capacity, location or regulatory status. Its goal is to empower the most influential community in payments, where connections, collaboration and learning shape an industry that works for everyone. It works closely with industry players such as the Bank of England, FCA, UK Treasury, PSR, Pay.UK, UK Finance and Innovate Finance.
Through its comprehensive program of activities and the guidance of an independent advisory board of leading CEOs, The Payments Association facilitates connections and builds the bridges that unite the ecosystem and make it stronger. These activities include a program of monthly digital and face-to-face events, including an annual conference, PAY360, the PAY360 Awards Dinner, CEO roundtables and educational events. The Payments Association also manages six stakeholder project working groups covering financial inclusion, regulation, financial crime, cross-border payments, open banking and digital currencies. Volunteers in these groups represent the collective views of the industry and work together to ensure that the big issues facing the industry are effectively addressed. The association also conducts original research which is made available to members and authorities. These include monthly white papers, insightful interviews and advice from the industry’s most successful CEOs.
Claire Holden, Sky Parlor
+44 (0)330 043 1315
Source: The Payments Association