Promis Integrates Thai Digital ID for Faster Online Loans
Promise (Thailand) has integrated the government's ThaID digital ID system into its personal loan app to enable faster, online identity verification and loan approvals. The service targets earners of at least 8,000 baht per month, offering loans up to 300,000 baht at 15-25% interest with approval possible within an hour. The move aims to boost financial inclusion, cut operational costs, and reduce identity-fraud risks for non‑bank lenders.
Promise (Thailand) Co., Ltd., which provides personal loans, has rolled out a new ThaID-based identity verification function inside its Promise Personal Loan mobile application. Aimed at users with a monthly income of 8,000 baht or more, the feature lets applicants finish the entire loan process online without needing to go to a physical office. Users start by verifying their identity, taking a picture of their national ID card, and undergoing a facial recognition scan. The system then checks the information against the ThaID platform before allowing access to the loan application interface, enhancing security for financial transactions. Approved loans are capped at 300,000 baht, with annual interest rates set between 15% and 25%, complying with the legal ceiling. If all required documents are submitted, the approval decision can be delivered within one hour. The initiative addresses consumers’ need for quick liquidity in the digital era while helping non‑bank lenders lower operating expenses, broaden financial inclusion, and adopt stronger identity‑proofing standards to deter online fraud.
