MVGX Automates Financial Processes with NetSuite

MVGX Automates Financial Processes in NetSuite to Support Green Innovation and Sustainability

MVGX is a Singapore-based, licensed and regulated digital asset trading platform that facilitates cross-border trading of carbon credits. Its proprietary digital ledger system tracks the carbon footprint of every asset on its platform. Its mission is to build financial solutions that support a greener economy and enable companies to achieve their sustainability goals.

Powering the green economy: MVGX is the first regulated exchange of its kind with licenses granted by the Monetary Authority of Singapore, including the Recognised Market Operator (RMO) and Capital Market Service (CMS) licenses for dealings in securities, and collective investment schemes. MVGX built its green trading solutions based on leading electronic exchange platforms, like Nasdaq. Its trading volume has grown by five times in recent years due to the rising focus on sustainability worldwide. In addition to its Singaporean licenses, it’s also working with the Indonesia Stock Exchange to develop a digital carbon exchange system.

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

Meta technology needs better technology: MVGX implemented NetSuite OneWorld last year. By ditching spreadsheets and automating financial processes, its finance team now completes month-end close 50% faster, while reducing IT requirements for accounting activities by 90%. Its finance team now has more time and more capabilities to pursue value-add activities, such as multidimensional analysis of data, which supports leaders when looking for market trends.

Sustainable finance, sustainable future: With NetSuite OneWorld, MVGX is focused on scaling the business across the Asia-Pacific region, confident the system can support increased trading volumes, and automate multi-currency transactions, taking into account differing GST (good and service tax) in each country. The flexibility of OneWorld means MVGX can continue to grow and innovate, as it strives to create a greener, more sustainable future for us all.