MVGX Improves Investor Relations and Reduces Reporting Time With NetSuite
Founded in 2018, MVGX is a leading fintech group that aims to connect people, companies and markets through its world-class digital infrastructure and green solutions. Headquartered in Singapore, MVGX’s subsidiaries are licensed and regulated by the Monetary Authority of Singapore. It provides digital payments and financial services, as well as software focused on carbon measurement, reporting, and verification.
MVGX strives to be a key partner in every stage of its clients’ decarbonisation journeys, starting with defining the scope of a company’s emissions to measurement, mitigation, offsetting, certification, and financing. Backed by proprietary technologies, including its asset-backed Carbon Neutrality Token (CNT), MVGX is enabling a more inclusive, sustainable future for the world.
Embracing Change for a Sustainable Future
MVGX previously relied primarily on spreadsheets to track financial information. The finance team found themselves engulfed in a sea of data, grappling with manual entry and the time-consuming management of spreadsheets, resulting in a month-end close process that took 10 days. CFO John Kang needed a new system that would streamline financial processes and provide easily auditable and accurate data for stakeholder reports so his team could focus on the company’s sustainability efforts.
“Investors have many questions on due diligence, primarily focusing on our financials,” said Kang. “With multiple entities, we needed an efficient system that could manage the complexity of our business and quickly provide a reliable snapshot of financial data.”
Powering Financial Performance
MVGX implemented NetSuite OneWorld to automate its financial processes and eliminate error-prone spreadsheet management. NetSuite consolidates real-time data within a single system to facilitate fast and reliable reporting, providing Kang and his team with a clear view of the company's financial health. Multi-currency support from NetSuite also ensures that MVGX can easily manage invoicing, VAT calculations, and a variety of tax considerations across regions to meet client expectations with a lean team.
With NetSuite, the finance team has reduced the time required for month-end reporting by 50%. Increased time efficiencies allow the team to pursue value-add activities including multidimensional data analysis to provide insights into prevailing market trends.
“Since implementing NetSuite, we've seen a reduction in our monthly reporting from 10 to five days,” said Kang. “With NetSuite taking care of the numbers for us, it frees up a lot of time for me to go out there to fundraise and speak with clients.”
The Capabilities to Scale Confidently
As the demand for sustainable business practices continues to grow, MVGX is actively expanding its footprint across the Asia-Pacific region.
With seamless support in handling varied goods and services taxes across different countries, NetSuite ensures that MVGX is well-equipped for global growth and ready to define the landscape of sustainable finance.
“NetSuite’s interface allows us to customise inputs and add new entities across different markets, making it very easy for us to compile data and look at things on a consolidated basis,” said Kang. “As MVGX continues to scale, I believe NetSuite will be able to accommodate all of our future growth and expansion needs.”
Find out more about MVGX’s NetSuite journey (opens in a new tab).
