NEW YORK and DUBAI, UAE, May 13, 2024 /PRNewswire/ — SMX (Security Matters) PLC (NASDAQ:SMX; SMXWW), a pioneer in digitizing physical objects for a circular economy and a provider of innovative technology solutions for the commodities market, is pleased to announce a strategic partnership with Brink’s aimed at revolutionizing the gold market landscape.
This groundbreaking collaboration brings together SMX’s state-of-the-art technology, Brink’s renowned expertise in secure logistics with a global network of operations, serving customers in more than 100 countries. The partnership is poised to introduce unparalleled transparency, trust, and efficiency to the gold market ecosystem.
At the heart of the partnership lies SMX’s revolutionary technology, which will be deployed by Brink’s to enhance various aspects of gold marking, auditing, and storage. Leveraging SMX technology, Brink’s will ensure impartial marking and auditing of gold in Dubai, setting new standards for transparency and reliability in the market.
Enhancing Transparency and Quality Assurance
The joint service offered by Brink’s and SMX will be able to elevate the reporting and quality assurance standards for gold sourced, refined, and vaulted in Dubai by companies operating both in DMCC’s free zone and the whole Gulf Cooperation Council (GCC) region. This collaboration aims to empower market participants with enhanced transparency and liquidity in gold financing, marking a significant advancement in the industry.
Role of trueGold Consortium
trueGold Consortium, a majority-owned subsidiary of SMX holding the exclusive SMX tech license for all gold applications, will play a pivotal role in implementing the technology alongside Brink’s for gold market operations in Dubai. The collaboration between SMX (via trueGold) and Brink’s lab located in Dubai is set to commence during Q3, 2024.
Industry Leader’s Perspective
Ahmed Bin Sulayem, Executive Chairman and CEO of DMCC, expressed his positive outlook, highlighting the expansion of services for members of DMCC’s ecosystem and external parties, emphasizing the partnership’s role in providing wider market access and benefiting stakeholders across the value chain.
Michel Constain, Vice President, Africa and Middle East, Brink’s, emphasized the transformative nature of the collaboration, aiming to set new benchmarks for transparency and trust in the gold market. This initiative combines Brink’s expertise with SMX’s cutting-edge technology, promising enhanced solutions for clients in the industry.
Hugh Morgan, Chairman of trueGold Consortium, echoed optimism about the collaboration’s significance in advancing technological innovation in the gold market, emphasizing a commitment to setting new standards of transparency and trust.
Formal Launch and Subsidiary Establishment
The formal launch of the partnership between SMX and Brink’s occurred on Tuesday, May 7, 2024, at DMCC’s headquarters in Dubai, marking a key milestone in the evolution of the gold market. The event showcased the joint commitment to driving positive change in the industry.
Furthermore, SMX is in the process of establishing a subsidiary named ‘SMX GCC Sustainability and Circular Economy.’ This entity will act as the regional operational arm for the collaboration between Brink’s, DMCC, and the GCC region, reinforcing the dedication to sustainability and circular economy principles in the gold market ecosystem.
Follow us through our social channel @secmattersltd @smx.tech
About SMX
As global businesses navigate challenges related to carbon neutrality and regulatory standards, SMX provides technology to facilitate the transition to a low-carbon economy, emphasizing marking, tracking, and digital platform solutions.
About DMCC
DMCC serves as a global trade hub, promoting trade, commerce, and innovation from its headquarters in Dubai, driving economic growth and foreign investment in the region.
About Brink’s
Brink’s, a trusted name in secure logistics and precious metals services, leverages over 160 years of industry experience to uphold standards of security and reliability for businesses and financial institutions worldwide.
