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May 27, 2024

GoTyme Bank invests in security measures ahead of Q3 launching

GoTyme Bank led by bankero Jojo Malolos is optimizing its tech and security measures ahead of its launch in the third quarter of the year after receiving a digital banking license from the Bangko Sentral ng Pilipinas (BSP).

GoTyme Bank chief technology officer Chris Bennett said the partnership between the Gokongwei Group and Singapore-based digital banking group Tyme has heavily invested in the best cyber security controls to strengthen its defenses. Social engineering is the act of deceiving individuals in order to manipulate them to disclose confidential or personal information, such as one-time pins (OTP) or passcodes.

“Without good cybersecurity you can’t have trust. We make use of the best security controls throughout the lifecycle,” Bennett said.

As a cloud-first and cloud-only company, GoTyme Bank is able to react to threats much faster amid incidences of phishing, malware, ransomware, fraud, identity theft, and social engineering in the banking industry.

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.

“Being cloud only, we can make changes fast. We bring experiences of tackling threats from South Africa and we’ve been able to integrate some of the latest security tools,” Bennett added.

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 which 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 added.