The People's Bank of China (PBOC), the country's central bank, remains cautious about allowing banks to offer remote account services based on facial recognition technology. (Photo/Southern Metropolis Daily)
(ECNS) – The People's Bank of China (PBOC), the country's central bank, remains cautious about allowing banks to offer remote account services based on facial recognition technology, according to Fan Shuangwen, an official from the bank.
Fan held discussions on the matter with industry representatives at the Tsinghua PBCSF Global Finance Forum on May 24, the 21st Century Business Herald reported Tuesday
"The real-name requirement for bank accounts must continue to be implemented," Fan said. "What new technologies can do to replace face-to-face checks over the counter is worth discussing."
Earlier this year, the PBOC drafted a guideline on remotely opening bank accounts and convened a meeting of commercial banks to discuss the matter. Afterwards, many state-owned banks, joint-equity banks and Internet-based private banks began developing remote account-opening processes based on facial recognition technology.
The PBOC has also conducted a series of studies, but remains silent about procedures and standards. Commercial banks must get the central bank's nod before they can go ahead with pilot programs.
Fan says the central bank is very cautious in this regard, because account opening is vital to the fight against money laundering.
China should work out the technical standard for facial recognition technology before any financial standard can be made and implemented, Fan said.