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SMARTCARD MARKETING SYSTEMS INC. (OTCQB:SMKG): STATUS REPORT FOR THE COMPANY REGARDING SVB & NOW ALSO SIGNATURE BANK>
SMARTCARD MARKETING SYSTEMS INC. (OTCQB:SMKG): STATUS REPORT FOR THE COMPANY REGARDING SVB & NOW ALSO SIGNATURE BANK>.
About this update from Smart Card Marketing Systems, Inc.
[{"type":"text","content":"The company is a customer of SVB of which currently as many others do not have access yet to the accounts as of this morning. In addition, the company is working to resolve the matter and beginning discussions with other US Banks to open new accounts to are favourable to Fintech and Paytech companies requirements. The company notes that the recent shock of multiple Banks that also includes Signature Bank in the US and most likely others that are linked or Indirect or use the services of these Banks has created a shock throughout the Payments, Blockchain and Fintech sector. This also comes at a time when the US SEC has sought out to clean the slate in Crypto and Blockchain which opens the door to a better understanding of direction for the future of the Crypto and Blockchain industry and its impact on Payments and Fintech. The CEO Massimo Barone stated “We are definitely impacted as SVB was our Bank of service and for many of our Customers that relied on both Signature Bank and SVB Bank for their Financial needs and requirements as a financial intermediary, FX trades desk or Custodian to their offerings. We have reached out to some of our customers and partners and assessing the impact. The overall sentiment is resilience but the short-term impact will be delays and do not foresee deterioration of these forged relationships long term. Our partners may have specific account origination issues in the US, UK, and Singapore as we await to understand more from LATAM regions.There is no good timing for such a global impact in the Financial markets but they cannot be avoided and we must work wiht and through the situation – we have worked through similar, if not more difficult times and came out ahead. We are not certain of the impact entirely to our Audit and Impairments statements but are confident that our advantage is that we have come a long way recently in our filings in the US and Canada, we do not have significant debt with our Financiers and have some opportunities that are available to us as we get through these assessments and continue to move forward.”The company SMKG highlights its technology portfolio of Paytech, Fintech and Blockchain solutions for Cloud, Mobility and E-commerce. The news by Worldline is a further industry related confirmation that SMKG’s Genorocity offering of a Multi-Merchant Marketplace with Merc...