With MVGX, OCBC Bank Will Set up Carbon Credit Trading Utilizing NFTs
OCBC's cooperation with MVGX, a Singapore-based exchange licensed and controlled by the Monetary Authority of Singapore, marks the bank's debut into the digital asset field following its announcement that it was considering setting up its crypto exchange last year.
The tokenized carbon credits will use MVGX's non-fungible token (NFT) distributed ledger technology to provide a "verifiable, immutable, and constantly updated record of the carbon performance of the climate-action projects that they have invested in through these digital carbon credits," which will launch later this year.
Carbon neutrality tokens (CNTs), based on MVGX's unique Non-Fungible Digital Twin (NFDT) distributed ledger technology, are linked to carbon-neutral projects worldwide, such as reforestation and renewable energy projects.
"With the recent release of the Intergovernmental Panel on Climate Change (IPCC) report, there will be additional urgency in corporates' transition to a low-carbon future through reducing greenhouse gas emissions," said Elaine Lam, head of OCBC Bank's Global Corporate Banking.