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.
Bangkok (VNA) – The Bank ofThailand (BoT) is finishing the testing of facial recognition software for the electronicKnow Your Customer (e-KYC) technology in the regulatory sandbox, paving the wayfor banks to offer passbook account opening through mobile banking apps in thesecond quarter of 2019.
There are 10 financial and non-financialinstitutions expected to join at this stage.
According to BoT Assistant Governor Siritida Panomwon Na Ayudhya, in order tocomplete the regulatory sandbox, the institutions must prove that their facialrecognition technology has accuracy, availability, and measures to preventcyber-attacks and avoid fraud risk.
In addition, the technology must ensure requirementsrelated to data security, privacy rules, and a process to keep e-signaturessafe, she said.
They must also train their employees to clarify and solve customer problemsrelated to the technology, she added.
The Thai central bank has chosen facial recognition technology for e-KYCbecause it can use reliable data such as citizen ID cards for comparison, andoffers great convenience using smartphones that already have facial recognitionfunctions and high accuracy for authentication.
In the future, opening passbook accounts throughthe digital channel at a second bank might not require customers to fill outtheir personal information again, as the second bank could acquire details fromthe first bank.
Many banks, including Siam Commercial Bank,Kasikornbank, and Bank of Ayudhya, are known to also be testing e-KYCtechnology in BoT’s sandbox. –VNA
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Illustrative image (Source: internet) 
