SMX and FinGo Enter Into Collaboration Mandate to Develop a Joint 'Physical to Digital' Platform Service To Enhance Natural Rubber Industry's Ability to Report on Sustainable and Ethical Supply Chains
SMX (Security Matters) PLC (NASDAQ:SMX; SMXWW) announces a collaboration mandate with Sthaler , which markets FinGo, to develop a centralized reporting platform for authenticating and ensuring transparency in supply chains for Natural Rubber, Commodities, Food, and Mining industries. This platform aims to address ESG compliance and reporting requirements, including ethical sourcing, child labor prevention, and EU Deforestation Regulation (EUDR) compliance.
SMX's technology enables marking and tracking of physical materials, while FinGo's Human Identity-as-a-Service (HIDaaS) platform verifies individuals involved in the supply chain. The collaboration is expected to offer enhanced transparency, improved ESG reporting, real-time digital auditing, secure payment systems, and end-to-end traceability. This initiative marks a shift from manual to digital reporting, potentially reducing compliance costs and reputational risks while enhancing productivity across supply chain operations.
SMX (Security Matters) PLC (NASDAQ:SMX; SMXWW) annuncia un mandato di collaborazione con Sthaler, che commercializza FinGo, per sviluppare una piattaforma di reporting centralizzata per autenticare e garantire la trasparenza nelle catene di fornitura per le industrie del gomma naturale, delle materie prime, alimentari e minerarie. Questa piattaforma mira a soddisfare i requisiti di conformità ESG e reporting, incluse la provenienza etica, la prevenzione del lavoro minorile e la conformità al Regolamento UE sulla deforestazione (EUDR).
La tecnologia di SMX consente di contrassegnare e tracciare i materiali fisici, mentre la piattaforma Human Identity-as-a-Service (HIDaaS) di FinGo verifica gli individui coinvolti nella catena di fornitura. La collaborazione dovrebbe offrire trasparenza migliorata, reporting ESG migliore, audit digitali in tempo reale, sistemi di pagamento sicuri e tracciabilità end-to-end. Questa iniziativa segna un passaggio dal reporting manuale a quello digitale, potenzialmente riducendo i costi di conformità e i rischi reputazionali, migliorando al contempo la produttività nelle operazioni della catena di fornitura.
SMX (Security Matters) PLC (NASDAQ:SMX; SMXWW) anuncia un mandato de colaboración con Sthaler, que comercializa FinGo, para desarrollar una plataforma de informes centralizada para autenticar y garantizar la transparencia en las cadenas de suministro de las industrias de caucho natural, materias primas, alimentos y minería. Esta plataforma tiene como objetivo abordar los requisitos de conformidad ESG y de informes, incluyendo la obtención ética, la prevención del trabajo infantil y el cumplimiento del Reglamento de Deforestación de la UE (EUDR).
La tecnología de SMX permite marcar y rastrear materiales físicos, mientras que la plataforma Human Identity-as-a-Service (HIDaaS) de FinGo verifica a los individuos involucrados en la cadena de suministro. Se espera que la colaboración ofrezca tranquilidad mejorada, mejores informes ESG, auditorías digitales en tiempo real, sistemas de pago seguros y trazabilidad de extremo a extremo. Esta iniciativa marca un cambio de informes manuales a digitales, lo que potencialmente reducirá los costos de cumplimiento y los riesgos reputacionales, al tiempo que mejorará la productividad en las operaciones de la cadena de suministro.
SMX (Security Matters) PLC (NASDAQ:SMX; SMXWW)는 Sthaler와의 협력 의무를 발표했습니다. Sthaler는 FinGo를 판매하며, 천연 고무, 원자재, 식품, 광업 산업의 공급망에서 인증 및 투명성을 보장하는 중앙 집중형 보고 플랫폼을 개발하기 위한 것입니다. 이 플랫폼은 ESG 준수 및 보고 요구 사항, 윤리적 조달, 아동 노동 방지, EU 산림 파괴 규제 (EUDR) 준수를 해결하는 데 목적을 두고 있습니다.
SMX의 기술은 물리적 자재의 표식 및 추적을 가능하게 하며, FinGo의 Human Identity-as-a-Service (HIDaaS) 플랫폼은 공급망에 참여하는 개인을 검증합니다. 이번 협력은 투명성 강화, 개선된 ESG 보고, 실시간 디지털 감사, 안전한 결제 시스템 및 끝까지 추적 가능한 트래킹을 제공할 것으로 기대됩니다. 이 이니셔티브는 수동 보고에서 디지털 보고로의 전환을 의미하며, 준수 비용과 평판 위험을 줄이고 공급망 운영의 생산성을 향상시킬 수 있습니다.
SMX (Security Matters) PLC (NASDAQ:SMX; SMXWW) annonce un mandat de collaboration avec Sthaler, qui commercialise FinGo, pour développer une plateforme de reporting centralisée pour authentifier et garantir la transparence dans les chaînes d'approvisionnement des industries du caoutchouc naturel, des matières premières, de l'alimentation et de l'exploitation minière. Cette plateforme vise à répondre aux exigences de conformité ESG et de reporting, y compris l'approvisionnement éthique, la prévention du travail des enfants et la conformité au Règlement européen sur la déforestation (EUDR).
La technologie de SMX permet de marquer et de suivre les matériaux physiques, tandis que la plateforme Human Identity-as-a-Service (HIDaaS) de FinGo vérifie les individus impliqués dans la chaîne d'approvisionnement. La collaboration devrait offrir une transparence accrue, un reporting ESG amélioré, des audits numériques en temps réel, des systèmes de paiement sécurisés et une traçabilité de bout en bout. Cette initiative marque un passage du reporting manuel au reporting numérique, ce qui pourrait réduire les coûts de conformité et les risques de réputation tout en améliorant la productivité des opérations de la chaîne d'approvisionnement.
SMX (Security Matters) PLC (NASDAQ:SMX; SMXWW) gibt ein Kooperationsmandat mit SthalerNaturkautschuk, Rohstoffe, Lebensmittel und Bergbau zu entwickeln. Diese Plattform zielt darauf ab, die ESG-Konformität und Reporting-Anforderungen, einschließlich ethischer Beschaffung, Verhinderung von Kinderarbeit und EU-Abholzungsgesetzgebung (EUDR), anzusprechen.
Die Technologie von SMX ermöglicht das Markieren und Verfolgen physischer Materialien, während die Human Identity-as-a-Service (HIDaaS) Plattform von FinGo die an der Lieferkette beteiligten Personen überprüft. Die Zusammenarbeit wird voraussichtlich verbesserte Transparenz, verbesserte ESG-Berichterstattung, digitale Echtzeitaudits, sichere Zahlungssysteme und eine lückenlose Rückverfolgbarkeit bieten. Diese Initiative markiert den Übergang vom manuellen zum digitalen Reporting, was möglicherweise die Compliance-Kosten und Reputationsrisiken senkt und gleichzeitig die Produktivität in den Betriebsabläufen der Lieferkette steigert.
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NEW YORK, NY / ACCESSWIRE / October 3, 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, a cutting-edge digital identity provider. Together, they are developing a centralized reporting platform that will authenticate and ensure transparency from the source - whether it be a field, mine, or farm - through the entire supply chain for Natural Rubber, Commodities, Food, and Mining industries.
SMX believes the global marketplace is becoming increasingly complex, and businesses face rising pressure to comply with stringent environmental, social, and governance (ESG) regulations. This pressure could result in companies ensuring that their supply chains are ethical, compliant with government regulations, and able to report data accurately in real time. This collaboration mandate, the first step in a planned broader relationship between SMX and Sthaler, is meant to address the complex challenges faced by multinational corporations in meeting ESG compliance and reporting requirements, specifically those related to:
Ethical sourcing of materials
Child labour, conflict minerals
Use of chemicals and pesticides
Location identification of farms and farmers
EU Deforestation Regulation (EUDR) reporting compliance
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 farm, mine, or factory - 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 specializes in the use of invisible molecular markers that are applied to materials during production. These markers remain with the material throughout its lifecycle, allowing for continuous tracking, authentication, and monitoring. This technology ensures that all data linked to the marked materials is transparent, compliant, and easily accessible via blockchain technology. With increasing regulatory demands, such as the EU Deforestation Regulation (EUDR) for natural rubber and other commodities, SMX's technology offers businesses a way to prove the ethical sourcing of materials. This helps companies meet various ESG criteria, reduce reputational risk, and enhance efficiency through digital auditing and real-time reporting.
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 farming and 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 farmers, miners, or other key supply chain actors - and SMX believes integrates seamlessly with SMX's system to enable secure payment transactions between verified parties. This is expected to create a smooth, secure, and fully auditable end-to-end process for compliance and reporting.
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 it's less affected by climate and demographic factors. FinGo's technology is designed to deliver a secure digital identity service that gives users the ability to quickly verify their identity, authorize transactions, and gain access to the key services simply by scanning their finger."
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 offer 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 like the EUDR.
Improved ESG Reporting: The platform is expected to help businesses meet their ESG goals by ensuring that all supply chain actors-whether in food, natural rubber, or mining-are operating ethically, with compliance regarding conflict minerals, child labor, and sustainable farming.
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.
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 in complying with regulations like EUDR.
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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.
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SOURCE: SMX (Security Matters)
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FAQ
What is the purpose of SMX's collaboration with FinGo?
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