Krungsri first bank in Thailand to deploy facial recognition for eKYC checks
Bank of Ayudhya, commonly referred to as Krungsri, is the first bank in Thailand to introduce biometric facial recognition technology for verifying the identities of people as they open a deposit account, The Nation reports. Krungsri is the fifth largest bank in Thailand in terms of assets, loans, and deposits.
This news follows a report last month which said that 10 participants testing facial recognition for eKYC checks in a Bank of Thailand test were ready to exit the regulatory sandbox. The use of facial recognition for eKYC requirements was approved by Thailand’s cabinet last year to promote financial inclusivity.
The biometric technology is now available for customers visiting Krungsri branches and facial recognition for eKYC will be deployed to open accounts on mobile devices by the end of the second quarter.
Thailand is also moving ahead with a decentralized national digital ID system, which is expected to be launched to the public between April and June of this year.