IDX taps Singapore fintech firm to develop carbon exchange system

Indonesia Stock Exchange (IDX) has signed a memorandum of understanding with MetaVerse Green Exchange (MVGX), a Singapore-based fintech firm, to develop a carbon-exchange system in Indonesia.

Photo credit: Ruben Sukatendel

The stock exchange is currently preparing to become a carbon exchange in Indonesia, IDX director of business development Jeffrey Hendrik said in a statement. “We have started discussions with several parties to deepen our knowledge,” he said.

Indonesia is among 61 countries that have committed to cut greenhouse gas emissions by 43% by 2030. Last year, the archipelago cut 10.37 million tons of carbon dioxide from its energy plants – double its initial target.

Founded in 2018, MVGX provides carbon-as-a-service solutions backed by its blockchain-based digital-asset exchange platform. the fintech firm has acquired multiple licenses from the Monetary Authority of Singapore, including a recognized market operator license and a capital market service license that allows it to operate in securities and collective investment schemes and provide custodial services.

In April, the fintech firm partnered with Singapore-based Oversea-Chinese Banking Corporation to develop green-financing solutions, including tokenised carbon credits.

See also: SEA tech companies’ efforts into net zero