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South Korean Kiuda to launch Carbon Exchange with Lankan tech startup

19 Mar 2024 - {{hitsCtrl.values.hits}}      

South Korea’s Kiuda Digital Holdings is to launch their state-of-the-art carbon exchange named ‘KiudaEX’. 

Richard Yoon- CEO of KIUDA Digital Holdings (left) and  Dr. Sapumal Ahangama - Co-Founder of Xeptagon

The locally developed carbon exchange will primarily target the growing demand for carbon offset credits in South Korea, Japan, and other regions of Asia. 

With a multi-million dollar valuation, the Kiuda Carbon Trading eco-system is backed by direct investments and endorsements from well-known and leading South Korean securities, financial firms and conglomerates.
KiudaEX will initiate the next generation of carbon trading by seamlessly connecting global carbon offset credit suppliers to conglomerates and businesses that are targeting to be carbon neutral through carbon offset credits. 

KiudaEX will be a fully automated carbon offset credit exchange with direct connectivity to well-known carbon registries. The system will solve many of the issues plaguing carbon trading, such as lack of transparency, fraud, double spending and long paperwork, through the innovative use of technologies such as blockchain, process automation, and security measures.

The KiudaEX carbon exchange and its associated Climate Finance software were fully developed in Sri Lanka using local tech talent and expertise. In addition, South Korean investors have set up the company, Kiuda Digital Holdings, in Sri Lanka which will be responsible for operating the Carbon Credit Exchange. 

Richard Yoon, CEO of Kiuda Carbon Exchange said, “The global carbon market is going to be a multi-billion industry in a couple of years. KiudaEX is using the latest technology and we are well-positioned to be a market leader in South Korea, Japan, and globally. We will solve a lot of current issues in the carbon markets. Our exchange will be at the forefront when the carbon markets pick up with mandatory regulatory enforcement.” 

He further said, “We are very excited to start our business operations in Sri Lanka. We see great potential in Sri Lanka being a future financial hub that will connect Asia to Africa and Europe. There is a lot of high-quality tech talent and expertise in Sri Lanka which will support our mission. I believe that Korean and Japanese companies and financial institutions will view Sri Lanka as a really good investment destination. We being able to attract direct investments from Korean financial organizations is a direct testament to it.”

Xeptagon, an innovation-driven local tech startup primarily focusing on Climate Finance Technologies is the local partner of Kiuda Digital Holdings. Dr. Sapumal Ahangama, Co-Founder of Xeptagon mentioned “Kiuda Carbon Exchange will be a game changer in the carbon trading domain. It is developed using Xeptagon’s core Climate Finance technology framework. We already provide climate finance and carbon trading-related software development services to global inter-governmental organizations, governments and financial organizations in the USA, Hong Kong, the African Region and the Gulf Region among others.”