Promise Thailand Integrates ThaID for Digital Loan Verification
Promise (Thailand) has integrated the government’s ThaID system into its mobile app to streamline digital loan approvals.
According to Khaosod Online, Promise (Thailand) has updated its 'PROMISE Personal Loan' mobile application to include the government-backed ThaID digital identity verification system. This integration allows applicants with a monthly income of at least 8,000 THB to complete identity verification remotely, eliminating the need to visit a physical branch.
The process involves capturing a national ID card image and performing facial recognition, which then links to the ThaID interface for secure authentication. This update is designed to expedite the loan approval process, with the company stating that applications can be processed within one hour, provided all documentation is submitted correctly. The service offers personal loans of up to 300,000 THB with annual interest rates ranging from 15% to 25%, in compliance with legal standards.
For residents, this development represents a shift toward more accessible digital financial services, potentially reducing the time and effort required for loan applications. By leveraging national digital infrastructure, the company aims to enhance security and reduce fraud risks associated with online transactions. While this integration simplifies the verification process, prospective applicants should note that final approval remains subject to the company's internal criteria and the submission of complete documentation. Further details regarding specific eligibility requirements beyond the stated income threshold should be verified directly through the official Promise application.
