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
SMX and Sthaler (FinGo ID) have announced a collaboration mandate to develop a centralized reporting platform for the artisanal and small-scale mining (ASM) sector. The partnership aims to combine SMX's physical material tracking technology with FinGo's biometric Human Identity-as-a-Service platform to ensure transparency and ethical sourcing in the gold supply chain.
The initiative focuses on addressing key challenges including ethical sourcing of precious metals, child labor prevention, chemical use monitoring, and location identification of mining operations. The platform is expected to offer enhanced transparency, improved governance, real-time digital auditing, secure payment systems, and end-to-end traceability. This collaboration operates on a three-month review cycle and aims to transition from manual to digital reporting systems.
SMX e Sthaler (FinGo ID) hanno annunciato un mandato di collaborazione per sviluppare una piattaforma di reporting centralizzata per il settore minerario artigianale e su piccola scala (ASM). La partnership mira a combinare la tecnologia di tracciamento dei materiali fisici di SMX con la piattaforma biometric Human Identity-as-a-Service di FinGo, al fine di garantire trasparenza e approvvigionamento etico nella catena di fornitura dell'oro.
L'iniziativa si concentra sulla risoluzione di sfide chiave come l'approvvigionamento etico di metalli preziosi, la prevenzione del lavoro minorile, il monitoraggio dell'uso di sostanze chimiche e l'identificazione delle località delle operazioni minerarie. Si prevede che la piattaforma offra maggiore trasparenza, un governo migliorato, auditing digitale in tempo reale, sistemi di pagamento sicuri e tracciabilità end-to-end. Questa collaborazione opera su un ciclo di revisione di tre mesi e mira a passare da sistemi di reporting manuali a sistemi digitali.
SMX y Sthaler (FinGo ID) han anunciado un mandato de colaboración para desarrollar una plataforma de informes centralizada para el sector de la minería artesanal y de pequeña escala (ASM). La asociación tiene como objetivo combinar la tecnología de seguimiento de materiales físicos de SMX con la plataforma biométrica Human Identity-as-a-Service de FinGo, para garantizar la transparencia y la adquisición ética en la cadena de suministro de oro.
La iniciativa se centra en abordar desafíos clave, incluidos el aprovisionamiento ético de metales preciosos, la prevención del trabajo infantil, el monitoreo del uso de sustancias químicas y la identificación de las ubicaciones de las operaciones mineras. Se espera que la plataforma ofrezca mayor transparencia, una mejor gobernanza, auditoría digital en tiempo real, sistemas de pago seguros y trazabilidad de extremo a extremo. Esta colaboración opera en un ciclo de revisión de tres meses y tiene como objetivo la transición de sistemas de informes manuales a sistemas digitales.
SMX와 Sthaler (FinGo ID)는 수공예 및 소규모 광업(ASM) 부문을 위한 중앙 집중식 보고 플랫폼을 개발하기 위한 협력 계약을 발표했습니다. 이 파트너십은 SMX의 물리적 자재 추적 기술과 FinGo의 생체 인식 인간 정체성 서비스 플랫폼을 결합하여 금 공급망에서의 투명성과 윤리적 조달을 보장하는 것을 목표로 합니다.
이 이니셔티브는 귀금속의 윤리적 조달, 아동 노동 예방, 화학물질 사용 모니터링 및 채굴 작업의 위치 식별 등 주요 문제를 해결하는 데 중점을 두고 있습니다. 플랫폼은 향상된 투명성, 개선된 거버넌스, 실시간 디지털 감사, 안전한 결제 시스템 및 종단 간 추적성을 제공할 것으로 예상됩니다. 이 협력은 3개월 검토 주기로 운영되며 수동 보고 시스템에서 디지털 보고 시스템으로의 전환을 목표로 하고 있습니다.
SMX et Sthaler (FinGo ID) ont annoncé un mandat de collaboration pour développer une plateforme de reporting centralisée pour le secteur de l’exploitation minière artisanale et à petite échelle (ASM). Ce partenariat vise à combiner la technologie de suivi des matériaux physiques de SMX avec la plateforme biométrique Human Identity-as-a-Service de FinGo, afin d’assurer une transparence et une collecte éthique dans la chaîne d’approvisionnement de l’or.
Cette initiative se concentre sur la résolution des défis clés, y compris l'approvisionnement éthique des métaux précieux, la prévention du travail des enfants, la surveillance de l'utilisation des produits chimiques et l'identification des emplacements des opérations minières. La plateforme devrait offrir une transparence accrue, une meilleure gouvernance, des audits numériques en temps réel, des systèmes de paiement sécurisés et une traçabilité de bout en bout. Cette collaboration fonctionne sur un cycle de révision de trois mois et vise à passer de systèmes de reporting manuels à des systèmes numériques.
SMX und Sthaler (FinGo ID) haben ein Kooperationsmandat angekündigt, um eine zentrale Berichterstattungsplattform für den Bereich der handwerklichen und kleingewerblichen Bergbau (ASM) zu entwickeln. Die Partnerschaft zielt darauf ab, die physischen Materialverfolgungstechnologien von SMX mit der biometrischen Plattform Human Identity-as-a-Service von FinGo zu kombinieren, um Transparenz und ethische Beschaffung in der Goldlieferkette sicherzustellen.
Die Initiative konzentriert sich darauf, zentrale Herausforderungen anzugehen, darunter die ethische Beschaffung von Edelmetallen, die Verhinderung von Kinderarbeit, die Überwachung des Chemikaliengebrauchs und die Standortidentifizierung von Bergbauoperationen. Es wird erwartet, dass die Plattform eine verbesserte Transparenz, bessere Governance, Echtzeitaudits, sichere Zahlungssysteme und lückenlose Rückverfolgbarkeit bietet. Diese Zusammenarbeit erfolgt in einem dreimonatigen Überprüfungszyklus und zielt darauf ab, von manuellen zu digitalen Berichtssystemen überzugehen.
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NEW YORK, NY / ACCESSWIRE / November 7, 2024 / SMX (Security Matters) PLC (NASDAQ:SMX)(NASDAQ: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.
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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?
How will SMX and FinGo's platform benefit the mining industry?
What technology does SMX use for tracking materials in the supply chain?
How does FinGo's VeinID technology work in the SMX partnership?
