Thai central bank greenlights 5 commercial banks using facial recognition technology

0 Comment(s)Print E-mail Xinhua, July 25, 2020
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BANGKOK, July 25 (Xinhua) -- The Bank of Thailand (BoT) on Saturday published on its website the approval for five Thai commercial banks to use facial recognition technology in their financial services.

"There were 14 banks and non-banking financial institutions that have applied to use the biometric technology as a KYC (Know Your Client) tool for identity verification," said Siritida Panomwon Na Ayudhya, Assistant Governor to the BoT, "however, five banks - Kasikornbank, Bangkok Bank, Krungsri, TMB and CIMB Thailand - have been given the green light as they have successfully passed the experiment in a regulatory sandbox."

Now all five banks use facial recognition technology for their services, meaning clients can open bank accounts using a mobile phone app or ATM machine without having to go to the bank in person, said the BoT assistant governor.

According to the BoT website, as many as 5 million accounts have been opened so far using the facial-recognition technology, which fits perfectly in the "new normal" especially during the COVID-19 pandemic.

In the initial phase, banks will apply the biometric technology to their own customers, while in the second phase, the central bank will allow cross-verification of users' identity among financial service providers, Siritida said.

The BoT is encouraging all commercial banks and financial institutions to adopt the 'no physical contact' to stem the virus outbreak. Enditem

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