Thailand’s national digital ID service is expected to be available to the public in the next 3-5 months after undergoing testing. The system is intended to enhance digital security to facilitate online transactions, and enable greater access to bank accounts and lending.
It provides banks with facial recognition and blockchain-powered identity authentication technology. The ID is expected to boost availability of loans at attractive interest rates, based on borrowers’ risk profiles assessed using data analytics.
The Digital Government Development Agency, the Bank of Thailand, the Securities and Exchange Commission, and the Revenue Department have all worked with a national ID team on the system, and the National Broadcasting and Telecommunications Commission has also begun working with the team.
The initial phase will need monitoring to prevent fraud, but if there is more collaboration among government agencies, the Provincial Administration Department in particular, the system will be strengthened.
(Sources: Bangkok Post; Biometrics Research)