Biometric ID systems gain Thai traction
Biometric identification systems are set to gain more momentum in Thailand this year, largely driven by the national e-payment system and the proliferation of financial technology (fintech) services.
"Apart from Singapore, Thailand has the highest potential for biometric identity usage in Southeast Asia thanks to burgeoning digital banking services," said Dutch Ng, co-founder and chief executive of i-Sprint Innovations, a Singapore-based identical management service provider.
Biometric data can include fingerprints, iris scans, facial or voice recognition.
Mr Ng said e-payment and fintech services require identity verification, for which biometric systems, particularly fingerprint and face recognition systems, can play an important role in the verification of e-payment services.
Last year, the Bank of Thailand issued a notification to financial institutions to reset their customers' password verification protocols to avoid possible fraud.
"This could be a wake up call for banks and financial institutes to adopt biometric technologies for verification system," he said.
I-Sprint Innovations opened a local office in Thailand six months ago as it strives to strengthen partnerships between local partners and customers.
Mr Ng said the growing adoption of Internet of Things, such as internet-connected consumer appliances, is also boosting the use of biometrics for verification.
i-Sprint Innovations has a strong presence in the commercial banking sector in Thailand, with a solid 70% market share.
Global IT research firm IDC predicted that IT spending in Thailand will reach 500 billion baht in 2020.
To capitalise on this opportunity, i-Sprint Innovations has appointed DataOne Asia Thailand, the system integrations arm of SET-listed SVOA, as its local authorised distributor to expand its presence in other sectors like telecom, healthcare and public services.
Poonsuk Wattanayingjaroenchai, executive director of DataOne Asia Thailand, said he expects to see a surge in spending on cybersecurity and identity management systems among private and public sectors this year, as cyber attacks are increasing in number and sophistication.
DataOne Asia Thailand expects the company's sales revenue for cybersecurity and identity management systems will account for 30% of total revenue this year, up from 20% in 2016.
"Our revenue is expected to grow by 15% in 2017, after seeing flat growth with 1.9 billion baht revenue in 2016 due mainly to the sluggish economy and low demand for IT investment projects," Mr Ng said.
DataOne expects its sales revenue from selling i-Sprint Innovations' products to reach 100 million baht within 3 years.
Poonsuk Wattanayingjaroenchai (left), executive director of DataOne Asia Thailand, exchanges a sale representative contract with Dutch Ng, co-founder and chief executive of i-Sprint Innovations, a Singapore-based identical management service provider.