MVGX Automates Financial Processes with NetSuite

MVGX Automates Financial Processes in NetSuite, Creating More Capacity to Innovate in Sustainability

MetaVerse Green Exchange (MVGX) is a digital asset trading platform that facilitates cross-border trading of carbon credits. Based in Singapore, MVGX developed its own asset-backed token, the Carbon Neutrality Token, along with a full-service platform for the token economy that includes issuance, trading, and settlement. A digital ledger tracks the carbon footprint of each asset on the platform. Overall, MVGX’s mission is to build financial solutions that make it easier for companies to achieve their suitability goals.

COMPANY

MetaVerse Green Exchange

LOCATION

Singapore

Industry

Financial Services

Employees

20 to 49

Number of Countries

Number of Subsidiaries

SYSTEMS REPLACED

Infor
Microsoft Office

NETSUITE PRODUCTS IMPLEMENTED

NetSuite OneWorld
NetSuite Financial Management
NetSuite CRM
NetSuite Learning Cloud Support

“NetSuite has helped us modernise and accelerate our operations so that we can focus on developing sustainable finance technologies.” Wendy Koh, Vice President Finance, MVGX

Process Automation Supports Green Innovation

Powering the green economy: MVGX is the first regulated exchange of its kind, with licences from the Monetary Authority of Singapore and trading solutions modeled after leading electronic exchange platforms like Nasdaq. The MVGX exchange’s trading volume has grown by five times in recent years, correlating with a rising focus on sustainability worldwide.

Spreadsheets don’t scale: MVGX started out using Infor for accounting, supplementing it with Excel to track financial data like revenue and expenses. As MVGX grew, so did the volume of data it created. The finance team became overwhelmed with manual data entry and spreadsheet management: For example, month-end close took 10 days to complete.

Technology facilitates expansion: MVGX implemented NetSuite OneWorld last year, eliminating spreadsheets and automating financial processes. The finance team now completes month-end close 50% faster and has reduced IT requirements for accounting activities by 90%. As a result, it has more time and capabilities to pursue value-add activities like multidimensional data analysis, which supports leaders’ understanding of market trends.

Sustainable finance, sustainable future: MVGX is scaling across the Asia-Pacific region. It is also working with the Indonesia Stock Exchange to explore the potential of building carbon-exchange infrastructure into that platform. Leadership is confident that as MVGX continues to innovate, NetSuite OneWorld will easily support increased trading volumes and automate multi-currency transactions while accounting for differing goods and services taxes in each country — providing plenty of capacity to expand.

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