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First bank in Thailand to use facial recognition to open accounts

Krungsri Bank has introduced facial recognition for verifying the identities of its customers

Bahar Karaman

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Krungsri (Bank of Ayudhya) has introduced facial recognition through electronic Know Your Customer (e-KYC) technology for verifying the identities of people as they open a deposit account.

Under the Bank of Thailand’s regulatory sandbox, the technology enables an upgrade of the bank’s verification process and accuracy toward international standards.

The breakthrough technology reflects the bank’s commitment as a leader in digital banking and innovation development for ultimate customer satisfaction, said Phonganant Thanattrai, Krungsri head of retail banking and distribution group. 

According to a recent report, now available for customers at Krungsri branches, the facial recognition for e-KYC will also be deployed when customers open their passbook via mobile application by the end of the second quarter.

The identity proofing process using facial comparison will enhance the security of identity verification, reduce risk of mistakes in the proofing process, and prevent identity theft and fraudulent transactions, while maintaining a convenient and speedy process for account opening, said Phonganant.

In its initial state, the facial recognition technology will be adopted when customers open a deposit account by matching the cardholder’s face to the photo on their citizen ID card as presented at the branch.

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Banking

BOT relaxes rules to Curb Strong Baht

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Boris Sullivan

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Bank of Thailand cuts rate by 0.25% to 1.25 per cent

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Bahar Karaman

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​On 6 November 2019, the MPC voted 5 to 2 to reduce the policy rate by 0.25 percentage point from 1.50 to 1.25 percent, effective immediately. Two members voted to maintain the policy rate at 1.50 percent.

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Thailand’s loss of trade privileges with US is credit negative

The development is credit negative because Thailand’s export-oriented economy is in a difficult external environment given that a broad-based export slowdown and strong Thai baht are weakening the competitiveness of goods exporters and the country’s tourism industry.

Bahar Karaman

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Thailand’s loss of trade privileges with US is credit negative amid challenging external environment, according to an article from Moody’s Credit Outlook, 4 November 2019 issue.

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