BoT to test biometric KYC solution

Wednesday 9 October 2019 00:40 CET | News

The Bank of Thailand (BoT) has revealed that it is moving forward with a test of biometric KYC technology, which will involve ten separate organisations.

The organisations involved will include commercial banks and other non-bank financial institutions. The test itself will not begin until some unspecified technical issues have been resolved, although Assistant Governor of the BoT stated that the bank still expects to complete the trial before the end of Q4. The needs is to roll out policies, regulations, and criteria to ensure problem-free operation before eKYC goes into effect.

Identity verification, especially during account registration, will be one of the bank’s primary areas of focus during the trial. Moreover, during phase 1 the bank will use biometric technology to verify a customer’s identity when opening a savings account. However, it was not indicated what kind of biometric technology will be deployed during the test.

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Keywords: Thailand, bank, biometrics, KYC, commercial banks, non-banks, financial institutions, eKYC, identity verification, account opening
Countries: World

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