SMX and FinGo Enter Into Collaboration Mandate
to Develop a Joint 'Physical to Digital' Platform
Service
To Enhance Mining Industry's Ability to Report
on Sustainable and Ethical Supply
Chains
New York, 7th
November 2024 – SMX (Security Matters)
PLC (NASDAQ: SMX; SMXWW), a pioneer in digitizing physical
objects for a circular economy, announces its collaboration mandate
with Sthaler Ltd, which markets FinGo ID, a cutting-edge Human
Identity SaaS. Together, they intend to develop a centralized
reporting platform to ensure transparency within the artisanal and
small-scale mining (ASM) sector, and through the entire supply
chain to ensure all ASM gold exported comes from an ethical and
responsible source. According to the World Bank, one widely used
estimate is that more than 100 million people globally depend
either directly or indirectly on ASM for their livelihoods.
SMX believes the global marketplace for ASM gold is becoming
increasingly complex, and the global gold market faces rising
regulatory pressure to comply with stringent environmental, social,
and governance (ESG) regulations. It further believes that
governments are under pressure to ensure that all gold exports are
ethical, compliant with government regulations, and able to report
evidential data accurately in real time. This collaboration mandate
is the first step in a planned broader relationship between SMX and
Sthaler expected to address:
-
Ethical sourcing of precious
metals
-
Child labour
-
Use of chemicals
-
Location identification of artisanal miners
and mining operations
SMX's proprietary technology enables the seamless marking and
tracking of physical materials throughout the supply chain,
providing traceability and authentication from the source—be it a
mine, aggregator or refinery—through to the final product. FinGo
complements this with its Human Identity-as-a-Service (HIDaaS)
platform, which uses a highly secure, biometric-based digital ID
system to verify and authenticate the individuals and entities
involved in the supply chain. This collaboration may offer the
ability to authenticate each partner in the supply chain and create
value by ensuring commodities are tracked transparently,
compliantly, and securely. Additionally, it is expected to be
designed to integrates FinGo's digital identity and payment
solutions to streamline counterparty payments securely.
SMX believes that FinGo offers a robust and efficient identity
verification system, connecting individual identifiers such as
national ID, insurance, claims, and location details using its
VeinID technology. This approach is expected to provide high-level
security by identifying individuals through their unique, invisible
subcutaneous vein patterns, ensuring privacy and protecting
personal data. SMX further believes that VeinID is particularly
well-suited for industries like mining, as the small data packets
used for matching allow for authentication in remote areas. FinGo's
platform is designed to verify individuals at the source—whether
they are miners, or other key supply chain actors—and SMX believes
integrates seamlessly with SMX's system to enable secure payment
transactions between verified parties.
Nick Dryden, Executive Chair of FinGo, added: "I believe that the
need for an inclusive, accurate and reliable, identity system
is greater than ever, and I believe FinGo VeinID is proven to be
the most reliable biometric because its less affected by climate
and demographic factors. FinGo's technology is designed to
combine secure digital identity service with associated data which
can document each stage of the ASM supply chain with human ID to
create a smooth, secure, and fully auditable end-to-end
service."
At SMX, we believe that the ultimate goal of this collaboration
mandate is to provide authentication solutions from individual
actors to multinational organizations at both the biometric and
molecular levels. This allows all data and physical materials to be
linked in one centralized digital structure, ensuring full
traceability and regulatory compliance.
The collaboration mandate is expected to offers several key
benefits:
-
Enhanced Transparency: SMX's molecular
markers combined with FinGo's biometric identity solutions is
expected to offer secure tracking of commodities from origin to
final product, ensuring compliance with stringent regulations.
-
Improved Governance: The platform is
expected to help businesses look to onboard new sources of precious
metals from artisanal and small scale mining operations that meet
their governance and reporting requirements continuously throughout
the daily operations.
-
Real-Time Digital Auditing: It is
expected to offer a shift from manual, paper-based auditing to
real-time, digital reporting, reducing the cost and time associated
with compliance and improving operational efficiency across the
mining sector and mine license programs run and managed by existing
Ministries.
-
Secure and Compliant Payment Systems:
FinGo's secure payment gateway is designed to ensure transactions
between verified stakeholders are protected and compliant with
international standards, ensuring fair compensation for
suppliers.
-
End-to-End Traceability: The combined
technologies are expected to provide full traceability of materials
from farm, mine, or production facility to the end consumer,
maintaining data integrity and ensuring all stakeholders are
verified and registered on the system.
This collaboration mandate, which runs on a three-month review
cycle, is expected to mark a transition from manual and paper-based
auditing to real-time digital reporting, reducing compliance and
audit costs, lowering reputational risks, and enhancing overall
productivity across supply chain operations. In addition, it is
expected to offer a practical, scalable, and commercially viable
solution to modern supply chain challenges. Additionally, it
is expected that the platform will also facilitate enhanced
visibility and reporting, assisting businesses to access new
precious metals sources where previously compliance and
traceability did not allow.
For further information contact:
About SMX
As global businesses face new and complex challenges relating to
carbon neutrality and meeting new governmental and regional
regulations and standards, SMX is able to offer players along
the value chain access to its marking, tracking, measuring and
digital platform technology to transition more successfully to a
low-carbon economy.
Forward-Looking
Statements
The information in this press
release includes "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include, but are not limited to,
statements regarding expectations, hopes, beliefs, intentions or
strategies regarding the future. In addition, any statements that
refer to projections, forecasts or other characterizations of
future events or circumstances, including any underlying
assumptions, are forward-looking statements. The words
"anticipate," "believe," "contemplate," "continue," "could,"
"estimate," "expect," "forecast," "intends," "may," "will,"
"might," "plan," "possible," "potential," "predict," "project,"
"should," "would" and similar expressions may identify
forward-looking statements, but the absence of these words does not
mean that a statement is not forward-looking. Forward-looking
statements in this press release may include, for example:
successful launch and implementation of SMX's joint projects with
manufacturers and other supply chain participants of steel, rubber
and other materials; changes in SMX's strategy, future operations,
financial position, estimated revenues and losses, projected costs,
prospects and plans; SMX's ability to develop and launch new
products and services, including its planned Plastic Cycle Token;
SMX's ability to successfully and efficiently integrate future
expansion plans and opportunities; SMX's ability to grow its
business in a cost-effective manner; SMX's product development
timeline and estimated research and development costs; the
implementation, market acceptance and success of SMX's business
model; developments and projections relating to SMX's competitors
and industry; and SMX's approach and goals with respect to
technology. These forward-looking statements are based on
information available as of the date of this press release, and
current expectations, forecasts and assumptions, and involve a
number of judgments, risks and uncertainties. Accordingly,
forward-looking statements should not be relied upon as
representing views as of any subsequent date, and no obligation is
undertaken to update forward-looking statements to reflect events
or circumstances after the date they were made, whether as a result
of new information, future events or otherwise, except as may be
required under applicable securities laws. As a result of a number
of known and unknown risks and uncertainties, actual results or
performance may be materially different from those expressed or
implied by these forward-looking statements. Some factors that
could cause actual results to differ include: the ability to
maintain the listing of the Company's shares on Nasdaq; changes in
applicable laws or regulations; any lingering effects of the
COVID-19 pandemic on SMX's business; the ability to implement
business plans, forecasts, and other expectations, and identify and
realize additional opportunities; the risk of downturns and the
possibility of rapid change in the highly competitive industry in
which SMX operates; the risk that SMX and its current and future
collaborators are unable to successfully develop and commercialize
SMX's products or services, or experience significant delays in
doing so; the risk that the Company may never achieve or sustain
profitability; the risk that the Company will need to raise
additional capital to execute its business plan, which may not be
available on acceptable terms or at all; the risk that the Company
experiences difficulties in managing its growth and expanding
operations; the risk that third-party suppliers and manufacturers
are not able to fully and timely meet their obligations; the risk
that SMX is unable to secure or protect its intellectual property;
the possibility that SMX may be adversely affected by other
economic, business, and/or competitive factors; and other risks and
uncertainties described in SMX's filings from time to time with the
Securities and Exchange Commission.
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