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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

Bank cuts Thai 2020 GDP growth outlook to 2.7%

SCB’s Economic Intelligence Center (EIC) has released its latest growth forecast, at 2.7 percent, showing a slow recovery from just 2.5 percent economic growth in 2019

Boris Sullivan

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SCB cuts GDP growth forecast to 3.1%

SCB’s Economic Intelligence Center (EIC) has released its latest forecast, indicating that the Thai economy at the end of 2020 will have grown by 2.7 percent, showing a s recovery from just 2.5 percent economic growth in 2019, thanks to a better performing export sector and improved global economy.

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Banking

Moody’s outlook for APAC corporates remains negative in 2020

Moody’s Investors Service says in a new report that overall credit conditions for APAC non-financial companies will weaken in 2020

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• While positive, the US-China trade agreement will not resolve core differences, dampening business sentiment globally 

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Banking

Bank of Thailand (BOT) orders banks to revise interest rates and fees

Bank of Thailand (BOT) has ordered commercial banks to revise their interest rates, and the fees they charge for their financial products and services including ATM and debit card fees

National News Bureau of Thailand

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Good news for the general public and SMEs as the Bank of Thailand (BOT) has ordered commercial banks to revise their interest rates, and the fees they charge for their financial products and services, including ATM and debit card fees, to help reduce the burden borne by customers.

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