Sardex.net is an integrated circuit designed to facilitate economic relations between economic entities operating in a given territory, and to provide them with complementary payment and credit tools
Facilitating collaboration between all economic actors of the territory
Encourage the creation of new relationships and enhance their economic and social impact
Anchor wealth to the territory by reactivating local production and consumption
Offer support to economic operators of the territory
Sardex.net has been engaged for years in studying and experimenting possible forms of participation of the public administration in a Commercial Credit Circuit. The outcome of this long endeavour has been funnelled into the Digipay4growth project, funded by the European Commission under the Horizon 2020 program (Future Internet Research & Experimentation - FIRE+). Six Countries are involved and three field testing projects are scheduled in the initiative: one in Spain, one in England and one in Italy. Italy’s group leader is Sardex.net itself, which is carrying out the project in collaboration with the local government of Regione Autonoma della Sardegna (Autonomous Region of Sardinia).
The project uses an innovative payment tracking technology, is the first of its kind in Europe and requires the involvement of citizens, public authorities and businesses with the aim of increasing local demand, stimulate local circulation of purchasing power and increase the multiplier effect of public spending in the territory.
I've known about Sardex almost since its beginning five years ago and have corresponded over the past few years with Giuseppe Littera, one of its founders, but this was the first opportunity I've had to get an inside look at Their operation. I came away with a pretty good understanding of how they operate and the impression that the Sardex structures, procedures, and protocols as closer to optimal than any other trade exchange I've seen. It appears to be a developing model that is both scalable and replicable.
Thomas H. Greco
The Sardex.net circuit is undoubtedly a generative example of social innovation which, thanks to the concreteness of the relationship, becomes an instrument of knowledge and social solidarity.
To date, Sardex has proven to be a tool capable of reactivating trust, to stimulate exchanges, to create relationships.
Complementary currencies as the Sardex are not to be accumulated. They are essentially information. And they serve to promote credit in conditions where communities know well the market mechanism in which they operate.
Luca De Biase
At last we have the first surveys on the sharing economy and the most interesting results concern the territorial distribution: the collaboration economy prevails in the South and in the Islands. It is not surprisingl, then, that one of the most successful initiatives was born in Sardinia: it is called Sardex, a Commercial Credit Circuit started in 2009.
Credit systems like Sardex.net are not stores of value, there is no reason to hoard them and spending them is best; in this way the local economy is facilitated. In the Sardex.net circuit there is also another element: it strengthens the sense of community and creates a feeling of identification that in the neo-liberal economy does not exist.
The crisis broke out because too many loans had been granted without taking into account the actual ability of debtors to repay them. Credit does not mean that I have to get necessarily money. A clearing system like Sardex.net means I can pay my debts with my Sardex credits and the money spent reflects the exchange of goods and services.
Sardex is an instrument of measuring and payment and is closely linked to the real economy.
Sardex acts as a mediator but also an accumulator of trust which stimulates the economy. In addition, it has a social value that allows a differentiation in the use of the money. Trust is put both in the other members of the circuit (it's like belonging to a family) and in the company and all those who are part of it.
In Sardex there is an ethical element that is also social, popular and generative. Those who join the circuit maintain and even reinforce their identity, which does not dissolve, on the contrary it multiplies in a reciprocity linked to the whole circuit
Making a local currency circuit means learning to know one's own region, seeing how the circuit can be adapted to the land, understanding what its potential is, what possibilities of exchange and economic relations can be implemented. A local currency comes into being when people and businesses talk to each other: trust is created in this kind of reciprocity. In the sardex.net circuit the local currency is also used to pay part of the wages.
Sardex has proven its ability to go beyond the clichés. Because it is based on two principles of life: the first is that if your neighbour earns, you're better off too; and the second says that no one goes away with the loot and no one remains alone. It seems the new gospel. But an apocryphal one.
Here are the top prizes and awards received by the circuit sardex.net over these years:
Innovation Award led 2012
The prestigious Innovation Award is bestowed on Sardex.net in 2012 by Istituto Europeo di design (European Institute of Design)
National Champion EBA 2013
Sardex.net is awarded the title of Italian National Champion for getting nominated for the European Business Awards in London in the innovation category.
Bloom Italy 2013
Sardex.net triumphs in Bloom Italy in front of a jury of major national and international investors.
Banca di Credito Sardo 2013
The Banca di Credito Sardo (Sardinian Credit Bank) awards a prize to sardex.net for having distinguished itself as one of the most promising entrepreneurial realities in the island.
Captains of the Year Europe 2014
Sardex.net receives in the Hall of Flags Information Office of the European Parliament in Italy the Captains Of Europe Award.
Prize Startup Italy
In December 2014 Sardex ranks third in the list of top 100 Italian startups compiled by Riccardo Luna and What future for Startup Italy, proving itself again one of the most promising reality of the fintech Italian scene.