GoTyme and CICC Sign MoU to Strengthen Digital Security Measures

GoTyme and CICC Sign MoU to Strengthen Digital Security Measures

by June 3, 2024

GoTyme Bank, a joint venture between the Gokongwei group of companies and the multi-country digital banking group Tyme, and the Cybercrime Investigation and Coordinating Center (CICC) have committed to enhancing their collaboration to bolster real-time safeguards against cybercrime amidst the anticipated growth in digital bank customers.

The CICC, an agency attached to the Department of Information and Communications Technology (DICT), was established under Republic Act 10175, known as the Cybercrime Prevention Act of 2012, and is the country’s primary body for preventing and suppressing cybercrime.

On 22 May 2024, GoTyme Bank Co-Chief Executive Officer Albert Tinio and CICC Executive Director Alexander K. Ramos formalised their partnership by signing a memorandum of understanding (MoU) at the National Cybercrime Hub in Bonifacio Global City, Taguig City.

The MoU signifies another step in their ongoing collaboration, which has also included efforts in cybercrime awareness and education through Scam Watch Pilipinas.

Albert Tinio

Albert Tinio

Albert highlighted the importance of this agreement, stating,

“The MoU is a big step and acts a warning for those committing these crimes as coordinated efforts ramp up in putting these people to justice.”

He further emphasised the need for embracing data and public-private partnerships, saying,

“To get the edge on attacks, cybersecurity professionals and governments should embrace data and public-private partnerships such as this.”

Alexander K. Ramos

Alexander K. Ramos

Ramos expressed his approval of the partnership with the private sector, integrating it into his “Whole-of-Society” approach to combating cybercrime. He noted,

“Cyber security is now more essential to our future than ever before. It’s the line of defence for virtually everything we rely on today: financial services, healthcare, travel, personal information, and identity. In the long haul we are out to fortify and improve the country’s cyber resilience.”

GoTyme Bank is committed to continuing its investments in advanced systems and technologies for cybersecurity and fraud management, anticipating its customer base to reach five million by the end of the year.

Albert reiterated the bank’s dedication to collaboration with the CICC and other government entities, underlining that “cross-sector collaboration is a game changer that helps keep cyber threats in check.”

GoTyme is among the fastest-growing banks in the country, having reached three million customers by April 2024, just 18 months after beginning commercial operations in October 2022. A brand health survey commissioned by GoTyme and conducted by Kantar revealed high scores in perceptions of safety and security.

 

 

Featured image credit: Cybercrime Investigation and Coordinating Center (CICC) Executive Director Alexander K. Ramos sealed a memorandum of understanding with GoTyme Bank Co-CEO Albert Tinio to fight financial fraud. The signing ceremony was held on May 22 at the National Cybercrime Hub in Bonifacio Global City.