TMB Bank subsidiary and KBank release electronic know your customer solutions

From: RegTech Analyst

Two banks in Thailand have launched new electronic know your customer (e-KYC) solutions.

Kasikornbank (KBank) and Me by TMB, the digital banking solution from TMB Bank, have already trialled their solutions that help people open savings accounts in Thailand’s central bank’s regulatory sandbox, Bangkok Post reported.

All customers would now need to open a bank account with Me by TMB is their ID cards and passport. This will help the company with the facial authentication.

At the moment, only the two banks’ current customers can use the new e-KYC service to open new deposit accounts.

However, that’s only the first phase. The second phase will enable users to use cross-bank identity verification through the National Digital ID platform to open bank accounts.

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