Mitihoon – KASIKORNBANK (KBank) is laying the groundwork for Thailand’s transition toward a mandatory carbon credit market by collaborating with leading partners—the Mae Fah Luang Foundation under Royal Patronage, Thailand Greenhouse Gas Management Organization (TGO), Kubix Digital Asset Co., Ltd., and Orbix Technology and Innovation Co., Ltd.—to launch the Carbon Credit Tokenization Pilot Program, the first initiative of its kind in Thailand. Conducted under the Bank of Thailand’s Regulatory Sandbox, the program aims to enhance carbon credit trading and offsetting through blockchain technology, promoting transparency and operational efficiency in pursuit of the Net Zero goal. This marks a significant step in reinforcing KBank’s leadership in financial innovation and Thailand’s green economy.
Ms. Kattiya Indaravijaya, Chief Executive Officer of KASIKORNBANK, stated that the bank supports climate transition toward a low-carbon economy through a comprehensive suite of tools encompassing finance, knowledge, and technology. KBank also advocates for establishing a robust foundation to support the future mandatory carbon credit market. Most recently, the bank has partnered with the Mae Fah Luang Foundation, TGO, Kubix, and Orbix Technology to implement the Carbon Credit Tokenization Pilot Program. The initiative leverages blockchain technology to enhance transparency and efficiency in carbon credit trading and offsetting, serving as a foundational infrastructure for future mandatory carbon credit transactions. This aligns with Thailand’s long-term policy direction toward carbon neutrality and Net Zero emissions.
Under this pilot program, KBank will promote the efficient utilization of carbon credits generated from forest conservation efforts within the Doi Tung Development Project through digital systems. Kubix will serve as the system and technology provider, managing the tokenization process by converting carbon credits into digital tokens divisible into units of kilograms of carbon dioxide equivalent (kgCO₂e). The collaboration also encompasses the processes of offering, holding, reconverting into carbon credits, and offsetting—all conducted on the Quarix blockchain, developed by Orbix Technology. This blockchain is designed to ensure transparency, credibility, and traceability of carbon credit data.
M.L. Dispanadda Diskul, Secretary General and Chief Executive Officer of the Mae Fah Luang Foundation under Royal Patronage, explained that the carbon credits used in this pilot are derived from forest conservation and restoration efforts integrated with community development under the Doi Tung Development Project, located in Mae Fah Luang District, Chiang Rai Province. These carbon credits are registered with TGO under the T-VER standard. The forest area not only serves as an effective carbon sink but also plays a vital role in wildfire prevention, ecosystem restoration, biodiversity conservation, and sustainable income generation for local communities. More than 11,000 community members are actively engaged in protecting over 90,000 rai (approximately 14,400 hectares or 144 km²) of Thailand’s watershed forests, exemplifying successful multi-sector collaboration with tangible outcomes.
Mr. Nakorn Tangavirapat, Executive Director of the Thailand Greenhouse Gas Management Organization (TGO), noted that while KBank is conducting the pilot test covering token holding and carbon credit offsetting for its operations, TGO will serve as the Registrar, managing the carbon credit registry system. This includes recording certifications, holdings, transfers, cancellations, and usage of greenhouse gas volumes for offsetting, as well as issuing cancellation certificates upon completion of offsetting processes. TGO will also provide advisory services and support for system usage and transactions. All operations are coordinated with the Bank of Thailand to ensure compliance with the Regulatory Sandbox framework. This initiative aligns with TGO’s strategic direction to promote the domestic voluntary carbon market, encouraging greenhouse gas reduction and trading by enhancing the utility of carbon credits in various formats.
Ms. Kattiya concluded by emphasizing that this project is not merely a technology trial, but a strategic milestone in developing a transparent and credible voluntary carbon market in Thailand. It also prepares the country for the transition to a mandatory carbon market and supports Thailand’s ambition to become a regional hub for carbon credit trading. As a leader in financial innovation, KBank remains committed to developing climate transition solutions, including Green Finance innovations tailored to the needs of modern investors. These solutions enhance transaction efficiency and security, support customers in technological transitions, and foster sustainable economic, social, and environmental value. The Carbon Credit Tokenization Pilot Program represents a pivotal step in shaping the Future of Finance, advancing the green economy, and concretely supporting Thailand’s Net-Zero Emissions target, reaffirming the bank’s core mission of operating as a sustainable bank.
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