Singapore launches national plastic passport program with SMX tech

SINGAPORE - Singapore has launched the world’s first government-backed national plastic passport program, utilizing technology from SMX (NASDAQ:SMX) and research partner ASTAR to track plastics throughout their lifecycle. According to InvestingPro data, SMX, currently valued at $1.93 million in market capitalization, has seen its stock decline by nearly 100% year-to-date, suggesting significant investor concerns about its financial stability.

The initiative aims to improve recycling rates by embedding molecular-level intelligence into plastics, enabling each item to carry a digital passport that verifies its origin, journey, and reuse potential. Unlike traditional recycling programs that focus on limited plastic types, Singapore’s system encompasses all polymer classes from automotive resins to electronics. However, InvestingPro analysis reveals concerning financial metrics, including a weak financial health score of 0.61 and a current ratio of 0.08, indicating potential challenges in meeting short-term obligations.

The program could serve as a model for the broader ASEAN region, which generates millions of tonnes of plastic waste annually. According to regional estimates cited in the press release, ASEAN’s plastics ecosystem represents a potential S$4.2 billion annual market that remains largely untapped due to fragmented recycling infrastructure and lack of verifiable reporting systems. Despite this market opportunity, SMX reported an EBITDA of -$30.95 million in the last twelve months, highlighting the gap between potential and current financial performance. Unlock more insights about SMX’s financial outlook with InvestingPro, which offers 13 additional investment tips and comprehensive financial analysis.

SMX’s "physical-to-digital" system has previously demonstrated traceability capabilities in other materials, including natural rubber. The technology also incorporates a Plastic Cycle Token (PCT) that makes recycled content value tradable.

"By anchoring Singapore’s national initiative, SMX has positioned itself not as a supplier but as an architect of frameworks," the company stated in its announcement.

For Singapore, the system represents an opportunity to transform waste management practices by creating verifiable proof of recycling and reuse. The country’s National Environment Agency has been working to improve recycling rates and reduce waste sent to incineration.

The initiative comes as governments worldwide face increasing pressure to address plastic pollution and implement circular economy solutions. If adopted regionally, the passport system could standardize plastic tracking and verification across Southeast Asian nations.

This article is based on a press release statement from SMX.

In other recent news, SMX Security Matters has announced its financial results, revealing significant developments for investors. The company disclosed its decision to offer its Global Plastics Passport technology for free licensing, aiming to support a UN Plastics Treaty. This move positions SMX as a key player in addressing global plastic circularity challenges by embedding invisible molecular markers into plastic materials. Additionally, SMX has partnered with Bio-Packaging to integrate its molecular tracking technology into sustainable packaging products, enhancing the traceability and sustainability credentials of these items.

Furthermore, SMX has formed a new subsidiary in Ireland, SMX (Treasury and Digital Asset Holding Company) Limited, to incorporate Bitcoin and other digital assets into its treasury operations. This initiative aligns with the recent enactment of the GENIUS Act, which establishes a federal framework for cryptocurrency and stablecoins. In structural changes, SMX announced that its 4.1:1 reverse stock split will commence on June 16, 2025, reducing the company’s outstanding ordinary shares from approximately 4 million to 1 million. These recent developments highlight SMX’s strategic initiatives in technology, partnerships, and financial structuring.

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