Gokongwei Group-backed GoTyme Bank has announced that it will launch in the Philippines in Q3 2022, and is optimizing its tech and security measures to ensure a safe banking experience for its customers.
GoTyme Bank is a partnership between the Gokongwei Group and Singapore-based digital banking group Tyme. In 2021, the bank received its license to operate in line with the Bangko Sentral ng Pilipinas’ goal of digitizing 50% of all payments and having 70% of Filipino adults into the banked population by 2023.
With incidences of phishing, malware, ransomware, fraud, identity theft, and social engineering in the banking industry, GoTyme Bank has heavily invested in the best cyber security controls to strengthen its defenses.
“Without good cybersecurity you can’t have trust,” said Chris Bennett, chief technology officer at GoTyme Bank. “We make use of the best security controls throughout the lifecycle.”
Bennett adds that as a cloud-first and cloud-only company, GoTyme Bank is able to react to threats much faster than any organization. Built on Tyme Bank’s experience and success in South Africa, GoTyme Bank is working with the world’s leading providers to prevent and combat potential threats.
Even before GoTyme Bank’s code is written, teams are already trained in cyber development best practices, Bennett notes. The bank makes use of SonarQube, an open-source platform that continuously inspects and reviews codes to detect bugs. During the building process, internal and external security teams test the code for any vulnerabilities, and upon going live, a cyber operations center monitors then alerts and acts upon threats.
“Our infrastructure is managed by Amazon Web Services (AWS) and we’re able to benefit from the range of secure certifications that they offer, such as the Payment Card Industry Data Security Standard (PCI DSS) and the National Institute of Standards and Technology (NIST),” Bennett says. AWS control towers allow GoTyme Bank to automate reporting and identification of issues.
When it comes to high-value items, biometrics may also be used to verify the identity of individuals making a transaction.
Once live, GoTyme Bank clients will be able to open an account and receive a free personalized debit card in under five minutes via digital kiosks located in Robinsons Malls and Robinsons Supermarkets.
Go to GoTyme Bank’s official website offers early access to features and updates.