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 Merchant MPOS and Consumer Web + Mobile Wallet offers next generation available solutions today. This also reaffirms that the need for Cross-border Onboarding and Payment Rails are part of a growing need and requirement.
About SmartCard Marketing Systems Inc (OTCQB: SMKG):
SmartCard Marketing Systems Inc (OTC: SMKG) is an industry leader in specialized industry e-Commerce, Cloud and Mobility applications delivering White-Label solutions to the global PayTech and FinTech markets. SMKG is a boutique technology company, providing Business Intelligence and Digital Transformation Strategies with a proprietary portfolio of applications and wireframes for Banking, Enterprises and Retail e-Wallets offering Blockchain Protocols, Crypto Issuing, NFT Minting, Chatbot Ai, Tokenization, Digital ID-eKYC, Digital Automation Strategies with License to Own marketplace applications.
For more info visit https://www.smartcardmarketingsystems.com
or visit our business applications marketplace at https://www.emphasispay.com
SmartCard's common stock is currently listed on the OTCQB under the symbol "SMKG". The shares of common stock covered by the registration statement were previously issued by SmartCard and are being registered to fulfill SmartCard's registration rights obligations to certain stockholders.
The registration statement, while effective, permits resale of the securities covered by the registration statement, subject to the satisfaction by the seller of the securities with the prospectus delivery requirements of the Securities Act of 1933.
The offering of the securities covered by the registration statement may only be made by means of a prospectus. The registration statement and prospectus may be accessed through the U.S. Securities and Exchange Commission's website at www.sec.gov. A copy of the prospectus related to the offering may be obtained from SmartCard Marketing Systems, Inc., 20C Trolley Square, Wilmington, DE 19806, or by calling 844-843-7296.
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This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, that are intended to be covered by the safe harbor created thereby. All statements other than statements of historical fact contained herein, including, without limitation, statements regarding the Company's future financial position, business strategy, plans and objectives, growth and profitability, growth strategy, liquidity and access to public markets, operating expense reduction, and trends in the industry in which the Company operates, are forward-looking statements. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "will," "expects," "intends," "plans," "projects," "estimates," "anticipates," or "believes" or the negative thereof or any variation thereon or similar terminology or expressions. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from results proposed in such statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can provide no assurance that such expectations will prove to have been correct. Important factors that could cause actual results to differ materially from the Company's expectations include, but are not limited to, those factors set forth in the Company's Form S-1 Registration Statement, as amended, and its other filings and submissions with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. Except as required by law, the Company assumes no obligation to update or revise any forward-looking statements.
For additional enquiries & Enterprise Program connect with:
Dharmesh Vora
President Enterprise Solutions
SmartCard Marketing Systems Inc.
dvora@smartcardmarketingsystems.com
CEO, Massimo Barone
mbarone@smartcardmarketingsystems.com
SmartCard Marketing Systems Inc.
OTC:SMKG Ph: 1-844-843-7296
news@smartcardmarketingsystems.com