Thailand's banks to soon resort to facial recognition for e-KYC

BANGKOK, February 21 (TNA) - The Bank of Thailand (BOT) says that some 10 banks in the country will, later this year, apply to the advanced facial recognition for electronic Know Your Customer (e-KYC) technology for the precise identity verification of their clients who want to open new accounts with them. Siritida Panomwon Na Ayudhya, BOT Assistant Governor for Payment Systems Policy and Financial Technology Group, told journalists of the update on February 20, acknowledging that the innovative technology will pave the way for the banks to enable their clients to open new accounts online through their banking applications to be downloaded on smart phones. "It is likely that some 10 banks in Thailand will gradually apply to the facial recognition for e-KYC technology by mid-2019, first for clients who open new accounts with them at their headquarters or branch offices across the country. The innovative technology will later be applied to people who open their accounts through banking applications they download online on their smart phones", the BOT assistant governor stated. According to the BOT assistant governor, the facial recognition for e-KYC technology is the most advanced identity verification digital system for people currently, with its preciseness confirmed up to 98-99 per cent. The BOT assistant governor stressed, however, that the 10 banks, which are conducting their test run of the innovative technology on the BOT's regulatory sandbox, have been instructed to ensure the new advanced technology will meet international standards, under which cyber security is practically guaranteed for their clients, and to also prepare to widely facilitate and serve their clients at their call centers. (TNA)