ME by TMB Enters BOT Sandbox Joining Hands to Test Saving Account Opening Service via NDID Platform, Affirming Readiness in Serving Customers for Better Financial Life for Thais

Event Calendar Press Releases Tuesday February 18, 2020 11:25
Bangkok--18 Feb--Integrated Communication

ME by TMB enters BOT Regulatory Sandbox to test its Cross-Bank Saving Account Opening Service via the NDID Platform, highlighting e-KYC Technology for identity verification by simply using your ID card or passport without having to go to the branch. ME by TMB is confident that this service will satisfy customers who prefer digital transactions, reinforcing its leadership position as the first digital banking in Thailand

Dr. Benjarong Suwankiri, Head of ME by TMB, revealed that since February 6, 2020, the Bank of Thailand (BOT) has allowed financial institutions to begin testing saving account opening service via digital channels by using cross-bank identity verification via the National Digital ID (NDID) platform in a controlled environment under the supervision of the BOT's Regulatory Sandbox. TMB is one of the participating banks, and has assigned ME by TMB, as the first digital banking leader in Thailand, to take part in the service testing. The interested customers can now open accounts via their mobile phones on ME by TMB application and can verify their digital identity through the NDID platform from today onwards.

The NDID platform is intended to provide a highly secured method of self-identification identity across banks. In order to successfully receive the service, the users are obliged to grant the permission to use reliable identity verification from the bank that they have previously opened a saving account and have access to their photo. Thus, it can be said that data can now be shared between banks, making it possible to overcome the limitations of conventional identity verification. With the benefit of the reliable Facial Recognition technology, customers can now receive safe, convenient, and fast services without having to go to the branch nor filling duplicate data entries.

ME by TMB is among the first banks that have introduced e-KYC technology as a tool to verify identity in order to open a saving account. The Company has continuously strived to develop this technology for over 7 years. Currently, the process of opening an account can be shortened to within only 10-15 minutes and ME customers can open a ME SAVE account using only their ID card or passport via smart phone without having to go to the branch to verify their identity. The service is soon available on android system and iOS system. Previously, users have to use their passport to open an account. Now the new service is more convenient and reliable as the processes have strict security control standards of over 3 layers, including Verification of information issued by the Department of Consular Affairs, Face scanning with new HD Face Liveness Detection technology for photo comparison as well as real-time ID card verification, which efficiently provides an accurate insight into the current data status.

Dr. Benjarong also further gave the overview of the competition direction in the digital banking that in the future each financial service provider with its unique strength will be able to join hands to develop services and grow together. Service providers that can best accommodate and make customers successfully manage their personal finances will thrive and be able to compete in the industry. Meanwhile, ME by TMB also recognizes the importance on this matter. With the objective to create a better financial life for Thai people, ME by TMB aims to encourage a new generation of Thais who live and work digitally to save more with a ME SAVE account. The account can be opened easily via e-KYC that is destined to deliver a convenient experience and make life easier for customers.


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