Bangkok--18 Jul--Siam Commercial Bank
In a strategic move to incorporate more digital technology into financial services, SCB will be showcasing Palm Vein, a state-of-the art contactless biometrics technology for identification authentication, at the Bangkok Fintech Fair 2019. Organized by the Bank of Thailand, the fair will bring digital lifestyles and experiences to every visitor.
Speaking about the latest innovation, Siam Commercial Bank Payment Product Solution and Management Function Executive Vice President Mr. Srihanath Lamsam said that biometrics technology is becoming increasingly critical for the financial and banking sectors. With increasing digital transformation and integration, the banking sector is required to work harder to connect its business systems with partners to help increase efficiency by joining the government's National Digital ID (NDID) project, a centralized digital system used for proving identification. This Bangkok Fintech Fair 2019 held by the Bank of Thailand under the theme of Collaboration for the Future of Finance will provide an excellent opportunity for the financial and banking sectors to showcase new digital identification technology. SCB is proud to present Palm Vein, the latest technology for authenticating identification, and event visitors can experience the service for the first time at the SCB booth. The Bangkok Fintech Fair 2019 will be held between 18-19 July 2019 at the Bank of Thailand's Learning Center.
To showcase the latest Palm Vein technology, Mr. Srihanath Lamsam said the Bank is using Fujitsu's PalmSecure(TM) to demonstrate the unique features of palm vein authentication compared to other methods, such as facial recognition or fingerprint scanning. Palm vein is widely used in many countries that have adopted self-checkout technology at department and convenient stores, such as Korea and Japan. After choosing the required merchandise items, customers can place their hands above a palm vein sensor. This is a new payment option replacing credit card or QR code scanning.
Using biometrics technology to authenticate identification has many advantages. Using Fujitsu's PalmSecure(TM) demonstrates SCB's leadership in offering a new experience in identity authentication, which can be performed through various formats, not just facial recognition or fingerprint scanning. Palm vein is recognized as one of the most secure systems, with a 99.99999% accuracy rate, thanks to a hardware base that does not require any data analytics or other machine learning, such as facial recognition. In the near future, SCB will adopt this technology for business segments demanding convenience and speed, such as convenient store or supermarket cashiers, to enable customers to enjoy seamless payment experiences, concluded Mr. Srihanath.
Apart from the Palm Vein technology, visitors will be able to enjoy new experiences of other financial services, such as "Your Loan", SCB's new personal digital lending product, cross-border remittance service on the SCB Easy Application, and discount codes for Get services. These giveaways will ensure that customers can try SCB's new services in real life situations. These services have evolved to respond to daily lifestyle demands amid digital transformation.
SCB is pleased to invite members of the public to immerse themselves in the new digital experience at SCB's booth at Bangkok Fintech Fair 2019: Collaboration for the Future of Finance, held at the Bank of Thailand Learning Center during 18-19 July 2019.