Thai techs to champion new biometric offerings

The national e-payments system and increased proliferation of fintech across Thailand would see biometric identification systems come to greater prominence, according to i-Sprint Innovations.

Thailand’s fast foray into fintech offerings and technology innovation is placing it firmly at the forefront of biometric developments set to revolutionise Asia’s financial landscape over the next 12 months, say experts.

Singapore-based i-Sprint Innovations chief executive, Dutch Ng, said e-payment systems such as Thailand’s required comprehensive identity verification technology, which could best be achieved through harnessing biometrics such as iris scans, voice recognition, and fingerprint.

“Apart from Singapore, Thailand has the highest potential for biometric identity usage in Southeast Asia thanks to burgeoning digital banking services,” he said in a statement to the Bangkok Post.

“This could be a wake-up call for banks and financial institutes to adopt biometric technologies for verification system.”

Ng said that the internet-of-things (IOT) growth in adoption across Thailand, noteably internet-connected consumer appliances, would boost the use of biometrics.

The Bank of Thailand cracked down on fraud last year, notifying financial institutions of the need for increased fraud protection and development of cyber protective technologies.

Ng said i-Sprint would work to capitalise on the trend of biometrics, and would look to increase its partnerships, six months after opening an office in the Bangkok area of Wattana.

 

Related Stories

Yes Bank partners with Payjo for AI offering
Yes Bank partners with Payjo for AI offering
India’s Yes Bank and fintech platform Payjo are partnering to deliver the first based artificial... Read More
One million Citibank customers in the Asia-Pacific are active users of the bank’s voice biometrics authentication offering.
Citi hits 1 million biometrics banking clients
After launching in May 2016, Citibank is hitting one million users across its voice biometrics... Read More
Regulation technology company e4 has introduced a real-time virtual ID verification solution to assist businesses to save with the use of simple compliance offerings.
Regtech launches virtual ID for business compliance
South-African regtech e4 is bursting onto the Australian scene, promising new digital offerings to... Read More
Singapore is in serious need of regional Cybersecurity skills and capabilities as the sophistication and scale of threats increase, according to cyber association, ISACA.
Cybersecurity crucial for Singapore’s future
At a recent Singapore conference focussed around the concerns of Cybersecurity threats and the... Read More

Comments