Manila Times Business
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Company
Plastic Bank
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Business overview
Company backgroundPlastic Bank is a social fintech company that has built an economy around plastic to incentivize plastic collection and recycling in communities with limited resources.
The company operates a system where collectors gather plastic waste and exchange it for tokens that can be used for goods, services, or cash, with all transactions logged and plastic recycled into new products. Plastic Bank partners with businesses and individuals who fund the collection of plastic to match their plastic use or as a social impact initiative.
Since 2013, Plastic Bank has facilitated the exchange of over 10.4 billion plastic bottles for income across multiple countries including the Philippines. Plastic Bank emphasizes that its model is not charity but an exchange where brands pay for collection and material, and collectors are compensated for their gathered plastic.
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