Is Plastic Bank a non-profit?
We are a for-profit social fintech. We re-invest the majority of our profits into our collection benefits, development and maintenance of recycling infrastructure, and technology development for material traceability for a greater social, environmental, and economic impact.
What is a social fintech?
As defined by Investopedia, financial technology (better known as fintech) seeks to improve and automate the delivery and use of financial services. Social fintech aims to solve social problems or at least have a positive impact on them by harnessing such technology and ensuring access to financial services and products for the unbanked.
We employ a social fintech model because our primary focus is to end poverty and stop plastic pollution. We feel it is the best way to create sustainable change by harnessing the power of business and entrepreneurship as a force for good in the world.
What countries do you operate in?
We currently operate in the Philippines, Indonesia, Brazil, Egypt, Thailand, and Cameroon.
Is Plastic Bank a non-profit?
We are a for-profit social fintech. We re-invest the majority of our profits into our collection benefits, development and maintenance of recycling infrastructure, and technology development for material traceability for a greater social, environmental, and economic impact.
Why are you called a bank?
We reveal the true economic value of plastic, making it too valuable to be left in the environment. In doing so, we’ve created a system for plastic exchange similar to any other currency exchange. Our PlasticBank® app uses fintech and blockchain technology to securely execute plastic transactions. The app’s digital wallet is often the first savings account that our members own. For those reasons, we call ourselves Plastic Bank.
