GOTYME BANK has signed a memorandum of understanding (MoU) with the Department of Information and Communications Technology’s Cybercrime Investigation and Coordinating Center (CICC) to strengthen its safeguards against cyberthreats amid rising online transactions.

“The MoU is a big step and acts as a warning for those committing these crimes as coordinated efforts ramp up in putting these people to justice… To get the edge on attacks, cybersecurity professionals and governments should embrace data and public-private partnerships such as this,” GoTyme Bank Co-Chief Executive Officer and Chief Commercial Officer Albert Raymund O. Tinio said in a statement.

GoTyme Bank and CICC signed the MoU on May 22.

The bank added that it will continue to invest in cybersecurity and fraud management systems and technologies.

“We remain committed to working closely with CICC and other government agencies because cross-sector collaboration is a game changer that helps keep cyber threats in check,” Mr. Tinio said.

“Cybersecurity is now more essential to our future than ever before. It’s the line of defense 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,” CICC Executive Director Alexander K. Ramos added.

GoTyme Bank is one of the six digital banks licensed to operate by the Bangko Sentral ng Pilipinas. It is a partnership between the Gokongwei group, which holds a 60% stake, and Singapore-based digital banking group Tyme, which has 40%.

The online lender began commercial operations in October 2022 and is targeting to grow its customer base to five million by the end of this year. It also expects to turn a profit within the next three years. — AMCS

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