Illustrative image (Source: internet)

Bangkok (VNA)
– The Bank of Thailand (BoT) is finishing the testing of facial recognition software for the electronic Know Your Customer (e-KYC) technology in the regulatory sandbox, paving the way for banks to offer passbook account opening through mobile banking apps in the second quarter of 2019.

There are 10 financial and non-financial institutions expected to join at this stage.

According to BoT Assistant Governor Siritida Panomwon Na Ayudhya, in order to complete the regulatory sandbox, the institutions must prove that their facial recognition technology has accuracy, availability, and measures to prevent cyber-attacks and avoid fraud risk.

In addition, the technology must ensure requirements related to data security, privacy rules, and a process to keep e-signatures safe, she said.

They must also train their employees to clarify and solve customer problems related to the technology, she added.

The Thai central bank has chosen facial recognition technology for e-KYC because it can use reliable data such as citizen ID cards for comparison, and offers great convenience using smartphones that already have facial recognition functions and high accuracy for authentication. 

In the future, opening passbook accounts through the digital channel at a second bank might not require customers to fill out their personal information again, as the second bank could acquire details from the first bank. 

Many banks, including Siam Commercial Bank, Kasikornbank, and Bank of Ayudhya, are known to also be testing e-KYC technology in BoT’s sandbox. –VNA