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.
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: matters
relating to the Company's fight against abusive and possibly
illegal trading tactics against the Company's stock; 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.
SOURCE: SMX (Security Matters)