A G.I.F.T. for gold investors from SML Gold

Please share a short profile on your company and service portfolio.

SML Gold is a company specialising in the trading, transfer, and investment of gold. Our service portfolio includes the purchase and sale of gold, the secure transfer of precious metals, and custodial services. We also offer medium- and long-term investment solutions with returns of up to 10 per cent annually.

It is an age of collaboration. In this regard please elaborate on your partnership with the Central African Republic and how this impacts the gold industry?

The development of the first refinery in partnership with the Central African government is strategic, both in terms of positioning on the African continent and in relation to mineral resources. The Central African Republic is one of the richest countries in gold resources. Gold production in the CAR is primarily artisanal, and gold extraction accounts for about 10 per cent of the country’s gross domestic product (GDP), making it the second-most important mining resource after diamonds. At the same time, we plan to acquire our own mines, which will allow us to secure the supply of gold for all our branches worldwide while optimally meeting the growing needs of our clients.

How does SML Gold enhance its services in terms of gold remittance?

SML Gold continually enhances its gold transfer services by staying at the forefront of the latest technological advancements. We understand the importance of adapting to market changes and meeting our clients’ increasing demands for speed, security, and transparency. This is why we invest in innovative technologies such as the G.I.F.T. transfer system, a software that ensures complete traceability of gold. The G.I.F.T software will ensure compliance with international regulations set by the OECD and will enable the semi-governmental gold refinery of the Central African Republic to become the first refinery in the world connected to G.I.F.T, thus providing transparent tracking and traceability of gold transfers.

What is the Gold Internal Fast Transfer (G.I.F.T.) project from SML Gold and when is it being launched?

This software aims to ensure the transmission of all declarations and invoices through a cyber-secured telecommunications system. It allows financial institutions, banks, refineries, specialised transport companies (such as Brinks, Ferrari, Transguard), as well as customs authorities worldwide, to be directly connected, to communicate, and to carry out transfers of 24-carat physical gold via encrypted direct messages.

G.I.F.T. will solve the issue of bank transfers issued from Africa to international destinations. Transfers between Africa and the Emirates will be possible in a maximum of 48 hours. This innovative solution will provide a new alternative to bypass this problem by allowing customs to monitor transactions between two institutions, instead of going through intermediary banks.

Thanks to G.I.F.T., transfers will be smooth, fast, and free from the traditional restrictions imposed by banking intermediaries. Additionally, banks will also have the option to offer this alternative to their clients, to meet their needs and resolve issues related to blocked or declined transfers. The official launch of this revolutionary platform is scheduled for 2025, with the ambition of transforming international exchanges of 24-carat gold into a more efficient, secure, and entirely blockage-free process.

Who can typically use G.I.F.T., and what are the regulations users need to be aware of?

The G.I.F.T. system is primarily intended for key players in the gold and finance sectors. It is aimed at institutions and professionals active in these fields. Additionally, it is also designed for professionals directly connected to this market, such as transport companies, logistics providers, and customs authorities.

Being a system based on encrypted communications, adhering to ISO 20022 standards as well as regulations enforced by the OECD, G.I.F.T. will require its users to maintain robust infrastructures that comply with international financial and cybersecurity standards to protect sensitive data.

Gold transfers, like all valuable goods, are subject to specific rules regarding taxes and customs duties, which vary from country to country. Thanks to G.I.F.T., it will be possible to centralise all this information and adapt to each regulation.

What does G.I.F.T. have to do with cybersecurity, elaborate on the collaboration between SML Gold G.I.F.T. and Cybastion.

G.I.F.T. is intrinsically linked to cybersecurity, as it relies on secure communication technologies to ensure efficient and protected gold transfers. G.I.F.T. uses advanced encryption protocols to guarantee that all transactions and communications between users are safeguarded against cyber threats and fraud attempts.

To strengthen this security, Gold Internationl Fast Transfer has established a partnership with the Cybastion Institute of Technology, based in Washington D.C., USA, a company specialised in cybersecurity and the development of financial tools.