In his new capacity as Vice Chairman at MVGX Holdings Pte. Ltd. (“MVGX”), Sandy will be responsible for guiding the firm as it works to establish an interconnected global carbon infrastructure network Sandy comes with decades of experience in capital markets, having held leadership roles at both NASDAQ and the Philadelphia Stock Exchange Sandy’s appointment is especially timely, amid the growing recognition of the role of national carbon registries and trading facilities in enabling countries to meet their net-zero goals
SINGAPORE, March 14, 2023 /PRNewswire/ — MVGX Holdings Pte. Ltd. (“MVGX”), parent of Singapore-based FinTech company MVGX, providing end-to-end Carbon Software-as-a-Service solutions, announced that it has appointed Meyer “Sandy” Frucher as its Vice Chairman. In his new role, Sandy will be responsible for guiding the company toward establishing an interconnected global carbon infrastructure network with national registries, trading, clearing platforms, and enterprise resource planning (ERP) systems.
Previously, Sandy served as the Vice Chairman of NASDAQ, the leading American multinational financial infrastructure technology provider and stock exchange operator, for over 15 years. Responsible for maintaining and managing global exchange relationships, Sandy also served as a senior advisor to the Group’s senior leadership team on a broad range of industry and regulatory matters, including sustainability. Sandy joined NASDAQ in 2008, following the company’s strategic acquisition of the Philadelphia Stock Exchange (“PHLX”), where he served as Chairman and CEO for over a decade. Sandy previously represented NASDAQ on the board of directors of the World Federation of Exchanges, and continues to sit on the board of the Options Clearing Corporation, where he is the longest-serving board director.
Newly-appointed MVGX Vice Chairman Sandy Frucher said, “Throughout the past few decades, NASDAQ has evolved from being a mere exchange operator to a leading financial SaaS provider, having built an interconnected financial services infrastructure that powers capital markets globally. In looking back on its approach, the same can be applied to the underlying infrastructure required to support a growing interest in green financial instruments and carbon assets. As regulators and other industry stakeholders grapple with the complexities of the carbon market, there is a pressing need for a global interconnected carbon service infrastructure compatible with national registries, as well as trading and clearing platforms, in order to enable governments, investors, and businesses to meet their net-zero targets. I’m thrilled to be joining the team at MVGX, guiding them as they realize this very vision.”
With over two and a half decades in some of the world’s leading stock exchanges, Sandy has been instrumental in driving the innovation that has shaped the advanced trading systems we see in stock exchanges around the world today. Throughout his time at PHLX, Sandy led the effort to rebuild PHLX as a technology and product innovator within the US market. In 2008, the PHLX was acquired by NASDAQ and became the core of NASDAQ’s derivative business.
“Having overseen the digital transformation of PHLX, and having been part of the rapid expansion of NASDAQ as a global financial market technology giant, Sandy has a unique understanding of the realities facing governments, traditional bourses, and financial institutions today. With his long-standing industry expertise, I believe Sandy will play a vital role in setting us on the right path as we build an interconnected carbon infrastructure system in addition to operating a green exchange,” commented MVGX Executive Chairman and Co-Founder Dr. Bo Bai.
“Sandy was present as NASDAQ transformed itself from one of many leading stock exchanges into an enabler of future-facing capital markets. His experience at a trusted provider of cutting-edge trading infrastructure and market data will be pivotal for MVGX as we enter this new phase of growth as an organization,” said Michael Sheren, President of MVGX, and former Co-Chairman of G20 Green Finance Task Force.
Launched in 2018 and headquartered in Singapore, MVGX is backed by its proprietary digital technologies and green exchange, and its subsidiaries are licensed by the Monetary Authority of Singapore (“MAS”). To date, MVGX’s subsidiaries hold the Recognised Market Operator (“RMO”) license, Capital Market Service License for dealings in securities, and collective investment schemes, providing custodial services, as well as a Major Payment Institution license to provide services under the Payment Services Act.
MVGX Holdings Vice Chairman Sandy Frucher, Executive Chairman and Co-Founder Dr. Bo Bai, and President and Chief Strategy Officer Michael Sheren are available for interviews
About MVGX Holdings Pte. Ltd (MVGX)
MVGX Holdings Pte. Ltd. (MVGX) is backed by its proprietary digital technologies and green exchange, and its subsidiaries are licensed by the Monetary Authority of Singapore (“MAS”). Launched in 2018 and headquartered in Singapore, MVGX is a leading fintech company providing end-to-end Carbon Software-as-a-Service solutions.
MVGX has two registered digital technologies, Non-Fungible Digital Twin (NFDT®) to represent objects in the metaverse, and Carbon Neutrality Token (CNT®) to facilitate cross-border trading of carbon voluntary emission reduction credits without triggering national ownership issues such as the Nationally Determined Contributions (Article 6 of the Paris Agreement).
Compliant by design, MVGX’s subsidiaries hold licenses from the Monetary Authority of Singapore (“MAS”) including Recognised Market Operator (“RMO”) license, Capital Market Service License for dealings in securities, and collective investment schemes, providing custodial services, as well as a Major Payment Institution license to provide services under the Payment Services Act.
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