Fairown and Signicat Launch Nordic Cooperation to Reduce E-Waste and Enable the Circular Economy
Green fintech company Fairown and digital identity solutions provider Signicat have launched cooperation in the Nordics to endorse the circular economy and reduce e-waste.
Fairown’s payment platform allows merchants to sustainably provide products-as-a-service, while Signicat’s authentication solutions ensure the secure identification of customers.
The exponential growth of e-waste has become a critical issue for the environment, with 59.4 million tonnes of e-waste generated in 2022 alone, and over 5 billion mobile phones being discarded. Only 17% of the world’s waste is being properly recycled, emphasising the need for effective solutions to reduce waste and increase the value of products. The circular economy model has emerged as a response to tackle this crisis. It also underpins the cooperation between Fairown and Signicat.
In the circular economy, products are produced, consumed, and reused, reducing excessive waste and the need for raw materials. Rather than being discarded, old products are sent to the next consumption round until they can no longer bring value, after which they are recycled.
Fairown, a company that specialises in circular economy solutions, offers a comprehensive range of services that manage the entire product life cycle, from purchase to recycling. Fairown offers a complete suite of software, services, and integrations for partner merchants to offer products for monthly subscriptions. For instance, customers can purchase a smartphone, use it for two years, and only pay for the duration of their usage. Once they decide to upgrade to a newer phone, the old device can be passed on to a new owner in another consumption cycle
Ensuring that customers are who they claim to be was one of the key challenges for Fairown. To overcome this, Fairown teamed up with Signicat to provide strong authentication and e-signing technology and establish trust between merchants, banks, and consumers who use the subscription service. With Signicat's secure authentication solution, consumers can instantly sign up for the subscription service and receive a credit to purchase products they want. This also assures merchants of receiving payments from genuine customers, while consumers enjoy hassle-free access to products.
Hendrik Roosna, CEO at Fairown, commented, “Our goal is to promote conscious and green consumption, as well as sustainable production across Europe. Signicat is a key partner in our efforts by establishing a digital bridge of trust between merchants, banks, and consumers who use our subscription service to become more sustainable."
In fact, circular economy services are rapidly gaining popularity, with recent surveys indicating that 74% of consumers prefer experiences over owning products. Fairown's survey amongst 4,000 subscribers in Scandinavia found that 70% of consumers would purchase a product if a subscription option were available, demonstrating the potential of circular economy models.
The partnership with Signicat also plays a crucial role in supporting Fairown's expansion plans across Europe. Signicat's comprehensive e-identity (eID) hub offers seamless integration to over 30 eID schemes. This not only simplifies the process of adding new eIDs, but also enables Fairown to expand its circular economy solution to a wider customer base.
Antti Harsunen, Country Manager at Signicat Finland, said, “Fairown and Signicat's collaboration is a great example of how businesses can work together to promote sustainable solutions and make a positive impact on the environment.”
Signicat's commitment to sustainability is reflected in its own services, with its e-signing products alone helping to save 20,000 trees, 6.5 million kW of energy, 67 million litres of water, and 14.9 million pounds of CO2 in 2022.
The growing demand for circular economy services is a positive indication that consumers and businesses are becoming increasingly aware of the need to reduce waste and extend the lifespan of products. Fairown's subscription model and Signicat's authentication solution are helping more customers access circular economy solutions, making it easier to adopt sustainable practices in their daily lives.