Singaporean banks are gearing up to implement facial scanning in high-risk transactions, similar to what Thai bank apps commonly utilize. However, banks will verify faces through the Singpass Face Verification (SFV) service developed by the government.
This approach differs from Thai bank apps, where each bank implements its own facial recognition system, while SFV relies directly on government services.
Initially, banks will use SFV when users generate a digital token (DT) in the app, which is set to replace SMS. However, other high-risk transactions may also require additional SFV verification.
Source: MAS
TLDR: Singaporean banks will soon use Singpass Face Verification for high-risk transactions, a government-developed service different from Thai bank apps.
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