GoTyme Bank, a partnership between Gokongwei Group and Singapore-based digital banking group Tyme, is optimizing its technology and security measures ahead of launch. In 2021, the bank received its license to operate in line with Bangko Sentral ng Pilipinas’ goal of digitizing 50% of all payments and having 70% Filipino adults in the banked population by 2023.
Amid instances of phishing, malware, ransomware, fraud, impersonation, and social engineering in the banking industry, GoTyme Bank has heavily invested in the best cybersecurity controls to bolster its defenses. Social engineering is the act of tricking individuals into manipulating them into divulging confidential or personal information, such as one-time-use PINs (OTPs) or access codes.
“Without good cybersecurity, you can’t be trusted,” says Chris Bennett, chief technology officer at GoTyme Bank. “We use the best security controls throughout the lifecycle.”
As a cloud-first and cloud-only company, GoTyme Bank is able to respond to threats much faster than any organization, Bennett points out. Building on the experience and success of Tyme Bank in South Africa, GoTyme Bank works with major global providers to prevent and combat potential threats.
“Being only in the cloud, we can make changes quickly,” notes Bennett. “We bring experiences of countering threats from South Africa and we’ve been able to integrate some of the latest security tools.”
Even before GoTyme Bank’s code is written, teams are already trained in cyber development best practices, Bennett notes. The bank uses SonarQube, an open source platform that continuously inspects and revises code for bugs. During the build process, internal and external security teams test the code for any vulnerabilities, and when going live, a cyber operations center monitors and then alerts and acts on threats.
“Our infrastructure is managed by Amazon Web Services (AWS) and we can benefit from the range of secure certifications 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 issue identification.
AWS is the world’s most comprehensive and widely used cloud platform that delivers on-demand cloud computing web services to millions of customers, while PCI DSS is a global information security standard for data protection . NIST, on the other hand, is a cybersecurity framework used by governments and industries around the world. GOTyme also credits its experience working with NICE Actimize, the world’s leading provider of financial crime, risk and compliance solutions, to guard against fraud and money laundering.
When it comes to high value items, biometrics can also be used to verify the identity of people making a transaction. “Our payments fraud capability is world-leading, and we use our own and industry data to detect and prevent attacks,” Bennett says.
Once online, GoTyme Bank customers will be able to open an account and receive a free personalized debit card in less than five minutes through digital kiosks located in Robinsons Malls and Robinsons Supermarkets. GoTyme Bank promises to provide high-quality banking products and services such as better savings interest rewards, fund transfers, transactions and investments, as well as 24/7 customer support by call, chat or email.
GoTyme Bank is expected to launch in Q3 2022. For early access, subscribe to the GoTyme newsletter for exclusive updates on exciting features and products.