Siam Commercial Adopts Facial Recognition to Allow Account Opening at 7-Elevenby Fintech News Singapore February 10, 2020
Thailand’s Siam Commercial Bank (SCB) has further enhanced its partnership with 7-Eleven to drive agent banking services. In this new enhanced partnership, new SCB customers will be able to open a non-passbook savings bank account at 7-Eleven’s Counter Service using facial recognition technology to verify their identity.
This eliminates the need to visit an SCB branch and will serve to pave the way for other financial services in the future, such as SCB Easy, credit & debit cards, Planet SCB cards, loans, investments, and much more. The service has passed testing in SCB’s own sandbox and will be readily available from today. It is expected that SCB will be able to add more than one million customers by year-end following the launch.
Speaking about the new service, SCB President Mrs. Apiphan Charoenanusorn said that,
“This Digital Financial Partnership with Counter Service Co., Ltd. will extend the success of the Banking Agent service launched last year. This collaborative effort will help enhance the capabilities of our two firms in offering new banking service formats for customers, starting with simple cash deposit and withdrawal via Counter Service. It is gratifying to note that our Banking Agent service has been widely welcomed by customers, with a total volume of transactions worth 31.875 billion baht, consisting of 31.776 billion baht in deposits and 99.46 million baht in withdrawals, or 185.3 million baht per day on average.