Tribal Rides/Xinda Begins Trading Under The Symbol XNDA
  • IDX is preparing a trading system for a carbon exchange in Indonesia

  • MVGX to provide IDX with opportunities to explore its industry-grade software to establish IDX’s carbon exchange capabilities

  • Both parties are exploring opportunities for Indonesian carbon trading development.

SINGAPORE and JAKARTA, Indonesia, Nov. 1, 2022 /PRNewswire/ — Indonesia Stock Exchange (“IDX”), the country’s national securities exchange and among the fastest growing in the continent, is exploring the possibility of working with MetaVerse Green Exchange (“MVGX”), a digital green exchange licensed and regulated by the Monetary Authority of Singapore (MAS), to develop Indonesia’s carbon exchange system.

This development comes amid the Indonesian government’s plan to launch the country’s own emissions trading scheme by 2025 to incentivize domestic businesses in high-emitting industries to reduce their emissions. To date, Indonesia is among 61 countries with established carbon pricing regulations and has committed to reducing its greenhouse gas emissions by 43 percent by 2030 with international support, whether through financing or new technologies. Indonesia itself has made good on its sustainability promises, having cut 10.37 million tons of carbon dioxide from its energy plants in 2021 alone — 210.8% of its initial target.

Commenting on the partnership, Jeffrey Hendrik, IDX Director of Business Development, said: “The Indonesian government has recognized the vital role that the financial services industry can play in strengthening the country’s sustainability commitments. IDX is currently preparing for the possibility of becoming a carbon exchange in Indonesia and started discussions with several parties to deepen our knowledge. We believe that this strategic partnership with MVGX can support us in building a robust carbon exchange infrastructure and ecosystem that will underpin the country’s plan to develop a sustainable finance ecosystem.”

Bo Bai, Executive Chairman and Co-Founder of MVGX, said: “At MVGX, our goal is to build an ecosystem of secure, compliant carbon trading systems across the world in order to empower and enable businesses and governments to reach their sustainability goals. Today, carbon markets still continue to face challenges around lack of transparency, standardization, and liquidity — we are thrilled to be supporting IDX as they work towards meeting this critical milestone as part of Indonesia’s climate policy and as they raise the bar for green finance in the region.”

MVGX leverages blockchain technology which offers a transparent, tamper-proof record of the performance of all green projects tied to the credits listed on its exchange infrastructure. This will give buyers and issuers the utmost assurance of the integrity of the carbon credits listed on IDX’s registry. When used for carbon neutrality verification by businesses, these credits will be certified in accordance with internationally-recognized gold standards for carbon footprint validation in line with ISO 14064-1:2018 Carbon Footprint Verification and PAS 2060 Carbon Neutrality Verification.

Michael Sheren, President of MVGX, former Senior Advisor for the Bank of England, former Co-Chair of the G20 Sustainable Finance Study Group, said: Asia is set to be among the hardest hit by the impact of climate change, and it’s estimated that US$2 trillion in sustainable financing will be needed over the next decade in Southeast Asia alone to pave the way for the sustainable transition towards achieving net-zero. Home to a third of the world’s rainforests, Indonesia has made meaningful strides in its deforestation mitigation efforts, and in working with IDX, we’re excited for this opportunity to support the country on its next climate-related milestone as it looks to develop and launch its own carbon trading registry.”

IDX is a Self-Regulatory Organization that aims to be a competitive stock exchange equipped with world-class credibility that holds membership titles with the World Federation of Exchanges and Sustainable Stock Exchanges. As one of the fastest-growing stock exchanges in the continent, IDX has more than 800 listed companies on its exchange and a total of over 4.2 million investors on the exchange.

Irvan Susandy, IDX Director of Trading and Membership, said: Indonesia has so many potential nature-based solutions. With a fully operational carbon trading infrastructure in place, businesses and governments will be able to trade carbon credits all while identifying high-quality climate projects. This partnership with MVGX will enhance IDX capacity and capability to design carbon trading exchange as Indonesia’s efforts toward building a climate-resilient future.”

MVGX is a leading FinTech company that provides end-to-end Carbon-as-a-Service solutions, backed by its licensed digital asset exchange platform and patent-pending technologies including its Non-Fungible Digital Twin (NFDT®) and CNT®, its proprietary digital carbon credit. CNT®s address one of the most challenging aspects of the Paris Agreement (COP21) — namely, the ability to properly verify and track carbon credits — enabling carbon neutrality at scale and facilitating the global goal of net-zero emissions.

MVGX has built a world-class digital exchange platform with the best-in-class Nasdaq engines, MVGX proprietary digital asset ledger with a carbon footprint tag, and rigorous compliance processes. MVGX is committed to bridging carbon trading markets from different jurisdictions and bridging illiquid assets in the real economy with wider investor accessibility.

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MVGX Executive Chairman and Co-Founder Bo Bai and MVGX President and Chief Strategy Officer Michael Sheren are all available for interviews

About Indonesia Stock Exchange

IDX is the only stock exchange in Indonesia with more than 800 listed companies and a total market capitalization of around US$ 600 billion. IDX is a non-profit organization with the main function of creating a fair, orderly, and efficient capital market in Indonesia. IDX promotes a sustainable capital market through various initiatives and works closely with all stakeholders to provide transparency and investor protection

About MetaVerse Green Exchange

MetaVerse Green Exchange (“MVGX”) is the first regulated exchange for the metaverse era, with licenses from the Monetary Authority of Singapore (“MAS”) including the Recognized Market Operator (RMO) license, Capital Market Service License for dealings in securities, collective investment schemes, exchange-traded derivatives, OTC derivatives, providing custodial services, as well as exempted licenses under the Payment Services Act.

MVGX is committed to bridging carbon trading markets from different jurisdictions and bridging illiquid assets in the real economy with wider investor accessibility. Founded in 2018 and based in Singapore, MVGX has built a world-class digital exchange platform with the best-in-class Nasdaq engines, MVGX proprietary digital asset ledger with carbon footprint tag, and rigorous compliance processes.

MVGX has two patent-pending technologies, Non-Fungible Digital Twin (NFDT®) to represent objects in the metaverse, and CNT® — its proprietary digital carbon credit — to facilitate the cross-border trading of carbon voluntary emission reduction credits without triggering national ownership issues (Nationally Determined Contributions).

MVGX – the exchange that makes a sustainable and greener future in the metaverse era.

Visit www.mvgx.com or contact contact@mvgx.com for more information on MVGX.

Media Contact (MVGX)

mvgx@wachsman.com
pr@mvgx.com

SOURCE MetaVerse Green Exchange

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