Skip to content
News GoTyme Bank strengthens cybersecurity measures

GoTyme Bank strengthens cybersecurity measures


MANILA, Philippines — The partnership between the Gokongwei Group and Singapore-based digital banking group Tyme is optimizing its tech and security measures ahead of the launch of GoTyme Bank within the third quarter.

Chris Bennett, chief technology officer at GoTyme Bank, said the digital bank has invested heavily in the best cybersecurity controls to strengthen its defense amid incidences of phishing, malware, ransomware, fraud, identity theft, and social engineering in the banking industry.

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

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.

As a cloud-first and cloud-only company, GoTyme Bank is able to react to threats much faster than any organization, Bennett said.

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 said.

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.

According to Bennett, the bank’s infrastructure is managed by Amazon Web Services (AWS) and it is 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).

AWS control towers allow GoTyme Bank to automate reporting and identification of issues. It is the world’s most comprehensive and widely used cloud platform that offers on-demand cloud computing web services to millions of customers.

GoTyme also credits its experience working with NICE Actimize, the leading global provider of financial crime, risk, and compliance solutions, to guard against fraud and money laundering.

When it comes to high-value items, biometrics may also be used to verify the identity of individuals making a transaction.

“Our payments fraud capability is world-leading, and we make use of our own and also industry data to spot and prevent attacks,” Bennett said.

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.

The bank promises to deliver high-quality banking products and services such as better savings interest rewards, fund transfers, trading and investing, as well as 24/7 customer support via call, chat, or e-mail.

Leave a Reply

Your email address will not be published. Required fields are marked *