The partnership will allow SMX to expand its global reach with a key footprint in the Asia-Pacific market.
Security Matters (ASX:SMX), a market leader in the digitisation of physical assets on the blockchain in the global shift to a circular economy, as expanded its network with another key strategic partnership.
The company announced this morning that it’s become a member of the Plastic Recycling Association of Singapore (PRAS), a leading non-profit organisation that engages with key stakeholders – from large companies to government organisations.
Recycling solutions
The two sides will work together to identify suitable pilot projects in the regional market, along with the establishment of a Plastic Recycling Centre of Excellence (PRCOE), which will develop solutions for recycling challenges in Singapore and for Southeast Asia
Commenting on the announcement, PRAS CEO Edwin Khew said the two sides will get straight to work on the development of improved recycling solutions for both Singapore and South-East Asia.
“We will be working together on suitable plastic recycling projects starting with a PET bottle-to-bottle plant, to be followed by other mechanical and chemical recycling projects,” Khew said.
Security Matters CEO Haggai Alon said the partnership gives the company significant access to new market opportunities – not just in Singapore but across the Asia-Pacific region.
By deploying SMX’s technology, which ‘marks’ plastic at the production stage and allows it to be tracked through to the recycling process, Alon said PRAS can help companies and governments across the region to get a first-mover advantage in the circular economy.
The technology has the capacity to detect and quantify each aspect of the plastics production cycle, from brand owner to the amount of recycled content in each product.
It can also detect the type of plastic polymer and the number of times a specific polymer has been recycled (loop counts).
Plastics recycling was highlighted as one of “three key waste streams” identified in Singapore’s Zero Waste Master Plan – a joint collaboration between key departments in the Singapore government.
An expert in the field of plastics recycling, PRAS seeks to “establish the relevant communication channels between organisations in Singapore, Europe and around the world, and to use these channels to share knowledge on regulations, processes, expertise and best practices”, SMX said.
By partnering with a key Asia-Pacific stakeholder, SMX will expand its already-impressive global reach, where it’s currently engaged with multinational companies and leading organisations to build the circular closed-loop economy across a range of critical industries.
This article was developed in collaboration with Security Matters, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.