Banking

First bank in Thailand to use facial recognition to open accounts

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

Published

6 months ago

March 8, 2019

Bahar Karaman

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.

Banking

Thailand prepares for cryptocurrency challenges

Thailand is moving toward a cashless society. Bank notes and coins are set to become obsolete while transactions via electronic payments have increased over recent years.

Published

3 days ago

September 12, 2019

Headline Editor

The plan to launch a new currency next year is ambitious and controversial, as Libra is scrutinized by central banks around the globe, including the US Federal Reserve.

(more…)

Banking

How China’s role in global finance has changed radically

Within the space of just 15 years, China has gone from being the largest net lender to the world to now being a net borrower. The implications for the global economy, and China’s role within that economy, could be significant.

Published

3 days ago

September 12, 2019

East Asia Forum

‘If you owe the bank $1 million, you have a problem. But if you owe the bank $1 trillion, then the bank has a problem’. It’s an old gag, but it underscores an important point: the size of your borrowing or lending can have profound implications for your role in the world.

(more…)

Banking

Bangkok Tops Mastercard’s Cities Index For The Fourth Consecutive Year

Bangkok remains the No. 1 destination, with more than 22 million international overnight visitors, but Dubai tops the list for spending.

Published

1 week ago

September 6, 2019

Boris Sullivan

The Global Destination Cities Index—which ranks 200 cities based on proprietary analysis of publicly available visitor volume and spend data—reveals that Bangkok remains the No. 1 destination, with more than 22 million international overnight visitors.

(more…)