Thailand eyes integrating biometrics into account openings by Q3

Exits for the trial period of the service could start in Q3 2018.

The Bank of Thailand (BoT) is looking to allow banks to utilise biometric technology by Q3 for identity verifications during bank account openings as part of electronic Know Your Customer (e-KYC) initiatives in the country’s banking industry, reports Bangkok Post.

Also read: Thailand embraces facial recognition tech for e-KYC

“On average, tens of thousands of new deposit accounts per month are opened at a local large bank," Siritida Panomwan Na Ayudhya, assistant governor for the central bank's payment systems policy and financial group, said. "With e-KYC technology, new account openings are expected to increase."

Also read: How Thai lenders are building the bank branch of the future

Siritida added that the service is currently on trial in the regulatory sandbox where 12 financial institutions are participating, including Siam Commercial Bank, Kasikornbank and Krungsri Bank (Bank of Ayudhya). Digital lending will follow the central bank's approval of biometric verification.

The assistant governor noted that other innovative technologies are also being tested in the regulatory sandbox, including machine learning.