Saturday, 28 May 2022

Greenland Financial Technology partners with MetaVerse Green Exchange for cross-border digital carbon credits and crypto assets

5 min read

Greenland Financial Technology, a core platform of Greenland Group  and MetaVerse Green Exchange (MVGX), a digital green exchange have formed a strategic partnership to meet increasing investors’ desire for cross-border digital carbon credits and crypto assets on regulated and licensed platforms. 

Greenland Financial Technology is a global Fortune 500 company and one of Shanghai’s largest state-backed enterprises focusing on real estate, infrastructure and finance. MVGX is licensed and regulated by the Monetary Authority of Singapore (MAS).

In working together, MVGX and Greenland Financial Technology will leverage blockchain-powered innovation and combine financial service capabilities from their respective licensed digital green exchange and licensed digital bank to serve clients’ increasing demand for accessible crypto assets and digital carbon credits that combine with cross-border trading capabilities with the security and oversight of on regulated and licenced platforms. 

The Singapore-China collaboration through MVGX and Greenland Financial Technology’s controlled subsidiary, Guizhou Green Finance and Emissions Exchange (GGFEX), also marks the critical first step towards MVGX’s mission of building a connected international network of carbon trading exchanges using its proprietary Carbon Neutrality Tokens (CNTTM) designed for cross-border carbon credit trading. 

In addition, they will jointly promote tokenisation, or digital securitisation, of green infrastructure assets and green buildings, creating channels for international capital to finance green infrastructure projects in China and other developing countries with aspirations to achieve carbon neutrality. 

Asset tokenisation involves creating digital tokens that are issued on a blockchain, serving as a non-fungible digital representation of either digital or physical assets in the metaverse. With blockchain, Greenland Financial Technology and MVGX customers can be assured that these tokens are verifiably and immutably owned by the owners, improving both asset liability management and giving greater clarity and protections for investors. Blockchain can also power a more efficient real-time trading experience, enabled by faster settlement times. 

Geng Jing, chairman and president of Greenland Financial Technology Group said, “The growth of emerging technologies such as blockchain have brought about new applications that are radically transforming how easily investors can access new asset classes including both crypto assets and digital carbon credits, all the while ensuring greater standards of security, transparency, and traceability as they trade. This cooperation with MVGX allows us to safely explore and experiment with the potential of asset tokenization and cross-border digital carbon trading as we continue to raise the bar for financial innovation as an organization as well as facilitating the formation of a global interconnected carbon trading network.”

MVGX will also be working with GGFEX, as the preferred partner to assist GGFEX to establish the most advanced digital carbon trading platform and registry arising from carbon assets in China — especially China Certified Emission Reduction (CCER) projects in the real estate and green infrastructure industries. This will be done through MVGX’s CNTTM which are underscored by its proprietary Non-Fungible Digital Twin (NFDT™) technology to combine the immutability of NFTs with real-time data updates, offering an immutable and continuously updated record of carbon performance. With CNTsTM, GGFEX will be able to create a secure carbon registry that can set the benchmark for other VER markets in the region. 

Bo Bai, executive chairman and co-founder of MVGX said, “This strategic collaboration with Greenland Financial Technology and GGFEX, by extension, marks a pivotal first step in our aspirations of creating an interconnected web of carbon exchanges. As we continue to strengthen our network with other international entities who share our vision of increasing the accessibility of green investment opportunities, we’re laying down the very foundation on which businesses across developing economies will soon be able to easily meet their sustainability commitments. From mature economies to emerging markets, we’re building a network that’s set to redefine how the cross-border trading of carbon credits can take place in a seamless, traceable way. At MVGX, we’re proud to showcase the meaningful work being done here in Singapore’s sustainability ecosystem as the country solidifies its position as a global green financial center, as a result of a rigorous and progressive regulatory environment, booming entrepreneurship and thriving technological advancement”.

In coming together, this strategic cooperation between MVGX and Greenland Financial is a testament to Singapore’s unique position as a pioneering innovation hub in areas of digital green finance. As MVGX and Greenland Financial Technology work together, their clients will also benefit from access to sustainability-linked financial products, strengthening the ties between both countries as leaders in green finance as they work towards meeting their net-zero targets.

Re-disseminated by The Asian Banker

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