Thailand's central bank allows commercial banks to use facial recognition

Friday 7 February 2020 13:02 CET | News

The Thai central bank has given the green light for six commercial banks to offer facial recognition using the e-KYC technology.

The aim of this is to verify the identity of new customers when opening online deposit accounts. As per XinhuaNet, the six banks are Kasikornbank, Bangkok Bank, Siam Commercial Bank, Bank of Ayudhya, TMB Bank, and CIMB Thai Bank.

The Bank of Thailand (BoT) has permitted commercial banks to verify the identity of customers using the National Digital ID platform, thus allowing people to open deposit accounts through the digital channel. With this option, there is no need for the customers to present themselves at branches and reduce filling out paper forms. The commercial banks benefit from the biometric verification as it is capable of preventing identity theft and fraud.

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Keywords: Bank of Thailand, commercial banks, facial recognition, central bank, Thailand, e-KYC, accounts, biometrics, verification, identity theft, fraud
Categories: Fraud & Financial Crime
Countries: Thailand
This article is part of category

Fraud & Financial Crime