Bangkok--1 Sep--Kasikorn bank
KASIKORNBANK (KBank) has partnered with the Securities and Exchange Commission (SEC) to pilot the project, “Opening of Online Account and Identity Verification via National Digital ID (NDID) under the Capital Market Development Policy in the Digital Era of the Office of the Securities and Exchange Commission (SEC)”. KASIKORN SECURITIES PCL has started to test the service with KBank customers who have already used facial recognition technology for identity verification with KBank for the opening of securities trading account via K PLUS under the Bank of Thailand’s regulatory sandbox. The initiative allows customers to open a securities trading account faster with the highest security at a lower cost. Customers can use their account immediately after it is opened.
Ms. Ruenvadee Suwanmongkol, Secretary-General of the Securities and Exchange Commission (SEC), said, “The SEC has a policy of supporting entrepreneurs in the capital market to use digital technology in enhancing the service efficiency, and building service credibility. The project undertaken by KBank and KSecurities to use NDID in identity authentication for the opening of online securities trading accounts will allow investors to receive services that are more convenient and faster than ever before, while also maintaining high trustworthiness in alignment with the required international identity proofing and authentication standards, and helping facilitate the “new normal” conditions in which most transactions are based on digital technology.”
Mr. Thiti Tantikulanan, KSecurities Executive Chairman, said, “KSecurities has collaborated with KBank in developing the KBank RP Proxy platform, with the aim of bolstering the potential of our digital-based services and meeting investors’ needs to open an online securities trading account using NDID via K PLUS. This platform is also intended to offer investors greater convenience in opening an online securities trading account at lower cost, without the need to visit a bank branch or office. In addition, investors can be assured of its highest security standards and immediately conduct securities trading. The KBank RP Proxy platform has also been designed to respond to the changing behaviors and needs of investors. The company expects that online securities trading transactions will increase from the current 70 percent to 80 percent of total securities trading transactions in the near future.”
Mr. Silawat Santivisat, KBank Senior Executive Vice President, revealed that KBank is prepared to support the capital market development policy in the digital era by introducing the RP Proxy service, which utilizes API technology to facilitate connection with the national digital ID platform (NDID). This innovation is expected to offer the private sector better access to financial services via NDID and pave the way for other services with links to NDID in the future. The KBank RP Proxy serves as a trial service for KBank customers who have already used facial recognition technology for identity verification with KBank under the BOT’s regulatory sandbox. Such service is currently under supervision of the BOT and SEC.