If you haven’t already started sorting out your recyclable trash at home, you might want to do it soon because you can turn that trash into gold.
Malaysians will be the first in the Southeast Asian region to be able to recycle their plastic bottles and aluminium cans and turn that trash into gold.
HelloGold, a gold investing fintech company, is pairing up with reverse-vending machine (RVM) company KLEAN to implement a recycling scheme that offers Malaysians 0.00059 grams of investment-grade gold for each recycled plastic bottle and each aluminum can.
All you have to do is download the HelloGold app from the Google Play Store or Apple Store, register for an account and start recycling!
Just bring your plastic bottles and aluminium cans to any KLEAN RVM for recycling. After depositing the bottles or cans in the machine, you can choose to convert your KLEAN e-credits into gold through a seamless integration between the KLEAN digital wallet and the HelloGold mobile app.
If you haven’t registered for an account beforehand, it can be done at any of the forty machines that will be available across Klang Valley starting July 2018. HelloGold and KLEAN plan on launching 500 machines across Malaysia at key locations before the end of the year.
Turning trash into gold: Cultivating good recycling habits
Robin Lee, CEO and Co-founder of HelloGold, said, “Emerging economies across Asia are dealing with increasing plastic use and consumption. Without adequate recycling infrastructure or habits in place, these plastics end up in landfills and oceans destroying the environment. HelloGold’s partnership with KLEAN will incentivise people to clean up the environment while accessing new financial products such as gold.”
“In our mission to enable everyone access to safe and affordable gold products to protect their savings, HelloGold has been expanding our reach to millions of online and offline communities through key partnerships such as Axiata’s Boost and Aeon Credit. Our latest partnership with KLEAN reflects our shared values in using innovative technology to enable financial inclusion and wealth creation for the man on the street,” Robin concluded.
Increasing plastic waste has become a pressing environmental problem for countries across Asia, said HelloGold in a press release. Six of the top ten countries most responsible for plastic waste entering the ocean are in Asia, leading with China and followed by Indonesia, Philippines, Vietnam, Thailand and Malaysia. Only 14% of plastic packaging is collected for recycling globally, an estimated US$80-120 billion economic loss per year.
Waste around the world: Makes turning trash into gold a good idea
Nick Boden, CEO of KLEAN, said, “Plastic waste is increasing around the world, yet recycling rates remain low. Through this partnership, we aim to encourage greater recycling by showing Malaysians the potential wealth and money that lies around our communities, in our landfills and floats in our oceans.”
Nick continued, “After launching in Malaysia, we see great potential to expand our offering to other countries such as Singapore and South Africa. In countries such as South Africa, plastic scavenging is often the main source of income for families who must sell their plastic within an informal economy that is dominated by middle men with high fees. Enabling these families to directly access virtual currency or gold at KLEAN’s reverse vending machines will allow for a safer and more stable economic livelihood.”
The KLEAN Reverse Vending Machines will collect aluminium cans and plastic bottles, sort them out and crush them on site, while registering users and rewarding them with virtual points. These collected items are then smelted back into aluminium and recycled into PET pellets.
According to Reuters, imports of plastic waste have increased sharply in Southeast Asia following China’s decision to ban imports of plastic waste from the start of 2018. Malaysia’s plastic imports jumped from 288,000 tonnes in 2016 to 450,000 tonnes in 2017; in the same period, Vietnam’s imports rose 62%, Thailand’s 117%, and Indonesia’s 65%.
Will you be converting your trash into gold? Let us know in the comments.
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