A Milestone in FCA’s Ambitious ESG Strategy as Algbra Becomes First Ethical FinTech to Receive Authorised E-Money Institution Licence – QNT Press Release

Algbra, the ethical and values-focused FinTech, has received full authorisation from the Financial Conduct Authority (FCA) to operate as an Electronic Money Institution (EMI).

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220608005386/en/

Algbra Co-Founders Zeiad Idris and Fizel Nejabat (Photo: Business Wire)

Algbra’s pioneering proposition – with the principles of ESG and Shariah-compliance at its core – leads the movement towards values ​​and lifestyle-based banking that is defining the next evolution of financial services. Algbra’s offering includes a sustainable card; the ability to make direct charitable donations to UK-registered charities; carbon tracking to review the impact of purchases; and the option to offset that carbon footprint with a few taps. Algbra requires all partners to sign up to its ethical standards, including clarity on where consumers’ money is held – ensuring customer funds are not held or invested in unethical industries. The EMI license now enables Algbra to build …

Full story available on Benzinga.com

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