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

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[{"type":"text","content":"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 materialsChild labour, conflict mineralsUse of chemicals and pesticidesLocation identification of farms and farmersEU Deforestation Regulation (EUDR) reporting complianceSMX'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, aut...

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