Single.Earth, a GreenTech firm providing the world’s first nature-backed currency, has teamed with RegTech firm Salv to combat financial crime.
Salv provides client screening and risk-scoring solutions to mitigate the risk of onboarding users and landowners whose background doesn’t align with the risk parameters.
With its nature-backed MERIT token, Single.Earth tackles the destruction of ecosystems that support life. So far, nature has been primarily monetised as a commodity — the ecological value of healthy ecosystems has been overlooked by the extractive economy, leading to the depletion of natural resources.
Single.Earth aims to make nature-positive decisions economically viable for all parties involved. The landowners earn a regular income, awarded one MERIT token for every 100kg of CO₂ captured by their mature biodiverse forests.
Businesses can achieve ESG and sustainability goals through nature-positive contributions. The token buyers contribute to the protection of nature and, in the future, will be able to trade and use the currency in everyday transactions.
The Regtech Salv is an innovator in the compliance and financial crime-fighting space. With its origins in Transferwise, Salv has evolved to help financial institutions upgrade their ability to detect, track, analyse and block financial criminals.
Under the partnership, Salv will screen persons against different sanctions, Politically Exposed Persons, and adverse media lists to mitigate the risk of landowners and token buyers being high-risk customers.
Salv’s risk scoring solution provides Single.Earth with a holistic view of customers by better understanding their risk levels. According to Single.Earth, these services add an extra layer of security to its solutions and ensure that criminals can’t exploit the Greentech’s business.
Single.Earth CEO and co-founder Merit Valdsalu said, “At Single.Earth, we are building a foundation for a future nature-backed financial system, but unfortunately, dealing with fraud and financial crime is part of our daily life.
“Using our technology and satellite data, we can identify individuals who try to register lands without any mature forests or wetlands capable of removing CO₂ from the environment. However, we will rely on Salv and their industry knowledge to verify the legitimacy of funds and background for users and landowners onboarding our platform.”
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Copyright © 2018 RegTech Analyst
