6 February 2020
Bangkok (6 February 2020) –
Krungsri (Bank of Ayudhya PCL.) launches a test run of online savings account opening via the “Mee Tae Dai e-savings” account feature on Krungsri Mobile Application (KMA), in alignment with the Bank of Thailand (BOT)’s policy, for which authentication is enabled by the National Digital ID (NDID). The test is conducted within the framework of BOT Regulatory Sandbox, available from 6 February 2020 onwards. Customers joining the testing program and completely opening the “Mee Tae Dai e-savings” account by 31 March 2020 are entitled to receiving a free Starbucks e-Coupon valued at 200 baht each.
Mr. Thakorn Piyapan, Chairman of Krungsri Consumer and Krungsri Head of Digital Banking and Innovation Division, revealed that “Krungsri is among pioneer banks with readiness to participate in the test in the BOT Regulatory Sandbox for online savings account opening via KMA with ID verification through the NDID system. This makes account opening more convenient and much easier, especially for customers who do not have any Krungsri account, ending the need to visit Krungsri’s branches. With the customer’s consent for access to their personal information already given to other banks, such data will be verified for account opening with Krungsri. The new technology can streamline the traditional account opening process saving time by at least 83%. To elaborate, the NDID is not a database, but more like an electronics highway network connecting between databases of different businesses and the gateway to record transactions in a manner that ensures security, transparency, and auditability.”
“The NDID system also enables banks to extend their financial innovations, especially changes in their strategies and business models in respect of distribution channel management. The effectiveness of e-services will be enhanced by a full scale e-distribution channel for new customer onboarding, making it a complete customer-centric feature.”
The “Mee Tae Dai e-savings” account does not require any minimum deposit amount and the account owner will enjoy a monthly interest payment at a rate of 1.3% p.a. (A maximum deposit in the BOT Regulatory Sandbox framework is 100,000 baht).
Transactions, including Krungsri cardless, can be made via KMA as passbook or debit card is not required. Moreover, Customers can enjoy the Krungsri Gift promotion upon completing four types of transactions, i.e., deposit, withdrawal, funds transfer, and bill payment, within the same month. Each customer is allowed to open only one account and required to verify personal information on a mobile application of any commercial bank with which they have opened an account with a photo recorded for ID verification.
Interested customers can participate in the testing program of “Mee Tae Dai e-savings” account opening via KMA by downloading the KMA application from App Store or Google Play, choosing the “Open Mee Tae Dai e-savings” account feature, and following simple steps, including taking photo of a national ID card and selfie, and verifying their ID via the application of a commercial bank that already has their personal information. Special promotion — new customers opening the Mee Tae Dai e-savings” account from 6 February to 31 March 2020 will receive a free Starbucks e-Coupon valued at 200 baht each. For more information, please visit
https://www.krungsri.com/bank/th/PersonalBanking/BankingServices/NDID.html