London, and Dubai: The Responsible Finance and Investment (RFI) Foundation, in partnership with HSBC Middle East Ltd, have announced 12 semi-finalist FinTech businesses who will now begin a Global Innovation Bootcamp, improving their ability to offer technology to support financial institutions in the Middle East, North Africa & Turkey (MENAT) on the net zero journey. The finalists were chosen based on their potential to help improve financial institutions' data collection, analysis, validation and dissemination of their financed emissions.

As the companies progress through the bootcamp, they will be supported by nine mentors, including experts from HSBC, Falak Startups and the RFI Foundation’s Emissary Network. The bootcamp will culminate with the announcement of five finalists being chosen to present their business plans to the Net Zero Challenge’s partners, Falak Startups, ADGM, and the Economic Development Board of Bahrain.

“We were excited by the range of companies from all around the world who applied to the Net Zero Challenge. The quality of applications we received shows the potential for technology to play an important role for the financial sector in the MENAT region as they make progress setting, evaluating and ultimately achieving the region’s Net Zero goals,” said Blake Goud, CEO of the RFI Foundation.

“The adoption of net zero targets by countries around the region and the global UN climate change conferences being held in Egypt and the United Arab Emirates this year and next will increase momentum for companies to align their sustainability plans with national government targets. We are committed to supporting our clients on their net zero journeys, in close partnership with governments and the public sector,” said Sabrin Rahman, HSBC Managing Director & Head of Sustainability for Europe and the Middle East.