Yalla Group Limited (“Yalla” or the “Company”) (NYSE: YALA), the largest Middle East and North Africa (MENA) based online social networking and gaming company, announced today it has established a Sustainable Account for Cash Management with Standard Chartered, one of the world’s leading international banks.
Standard Chartered launched its Sustainable Accounts in 2021 to enable its corporate clients to contribute to sustainable development, while maintaining daily access to their finances for critical liquidity management needs. Deposits in Sustainable Accounts are referenced against Standard Chartered’s sustainable projects, addressing some of the world’s gravest long-term sustainability threats such as climate change. Sustainable projects are evaluated based on Standard Chartered’s Green and Sustainable Product Framework, which is aligned with the United Nations’ Sustainable Development Goals (SDGs).
“At Yalla Group, sustainability has always been integral to our corporate values,” stated Mr. Yang Tao, Founder, Chairman and CEO of Yalla. “ As MENA continues to develop rapidly, we will leverage our deep local insights to broaden our business horizons and incorporate sustainable practices company-wide. Ensuring that our cash management procedures contribute to enhancing sustainability throughout the local and international economies reflects Yalla’s overall direction as well as our profound commitment to the MENA region.”
Motasim Iqbal, Managing Director, Regional Head of Transaction Banking Sales for Africa and the Middle East at Standard Chartered, said: “Our Sustainable Accounts allow our corporate clients to advance their social responsibility efforts by embedding sustainability into their cash management while fulfilling their liquidity needs. Standard Chartered has been a key catalyst of the sustainability agenda in the UAE and the broader MENA region. We are pleased to be working with Yalla and look forward to supporting Yalla Group on its sustainability journey.”
Standard Chartered’s Green and Sustainable Product Framework has been co-authored with industry experts Sustainalytics.
