GoTyme Bank invests in security measures through state-of-the-art technology ahead of launch

Gokongwei Group-backed GoTyme Bank adopts the latest security tools in response to consumers’ growing cybersecurity concerns.

GoTyme Bank, a partnership between the Gokongwei Group and Singapore-based digital banking group Tyme, is optimizing its tech and security measures ahead of its launch. In 2021, the bank received its license to operate in line with the Bangko Sentral ng Pilipinas’ goal of digitizing 50% of all payments and having 70% of Filipino adults into the banked population by 2023.

Amid incidences of phishing, malware, ransomware, fraud, identity theft, and social engineering in the banking industry, GoTyme Bank 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,” explains Chris Bennett, Chief Technology Officer at GoTyme Bank. “We make use of the best security controls throughout the lifecycle.”

As a cloud-first and cloud-only company, GoTyme Bank is able to react to threats much faster than any organization, Bennett emphasizes. 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,” Bennett remarks. “We bring experiences of tackling 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 makes use of SonarQube, an open-source platform that 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 and then alert 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 says. AWS control towers allow GoTyme Bank to automate reporting and identification of issues.

AWS is the world’s most comprehensive and widely used cloud platform that offers on-demand cloud computing web services to millions of customers, while PCI DSS is a global information security standard for protecting data. NIST, meanwhile, is a cybersecurity framework used by governments and industries worldwide. 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 says.

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. GoTyme 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.

GoTyme Bank is set to launch in Q3 2022. For early access, subscribe to GoTyme’s newsletter for exclusive updates on exciting features and products.

Mark Your Calendars for ShopeePay Day: Send Money and win over 1M worth of prizes and more!

ShopeePay is making saving easier for everyone! With features that allow you to send money for free, buy discounted load, earn bills payment cashback, and more, Shopee’s integrated mobile wallet definitely enables you to have greater cost savings with every payment and transaction. To top it off, users have something exciting to look forward to as ShopeePay Day kicks off on July 16. Watch out for exciting promos and rewards when you use ShopeePay every 16th of the month!

Enjoy rewards and huge prizes when you send money for free

Stand a chance to win up to ₱1M worth of prizes with Happy Hour Plus. To join, simply transfer a minimum of ₱50 to any ShopeePay user and play the lucky draw to win up to 7,000 coins per hour. Send money as many times as you like to get more chances of winning! Do not worry about additional fees because sending money to any bank, e-wallet, or Shopee user is free with ShopeePay.

Still looking for more rewards? On July 15 and 16, verify your ShopeePay wallet and send money for the first time to get Free Money. Lucky users who will send money to 100 friends via ShopeePay Ang Pao on July 15 to 16 can also earn ₱500.

Save on fees and receive cashback when you cash in

From July 13 to July 18, receive up to ₱50 cashback when you cash in with InstaPay (minimum cash-in of ₱1,000). Earn up to 100 Shopee coins when you cash in at least ₱1,000 during Happy Hour.

Get exclusive discounts for bills and load

For those looking to get more value for their hard-earned money, especially after payday, ShopeePay is also offering cost-saving deals for necessities like ₱100 worth of load for only ₱1 and up to 100% cashback on bill payments this July 16.

Don’t miss out on all these rewards. Not yet a ShopeePay user? Activate and verify your ShopeePay wallet in time for ShopeePay Day. Here’s how:

To learn more about ShopeePay, visit https://shopee.ph/m/shopee-pay. Follow ShopeePay’s Instagram and Facebook pages to be updated with the latest promos

Tips on how Shopee Sellers were able to build a successful business online

With inflation rising and economic recession looming, it may seem difficult for aspiring entrepreneurs to invest in an online business. Despite the economic situation and the challenges it poses, Davao-based Shopee sellers Shiela Reyes-Lao and Lou Putian prove that one can still manage to start an online business and become successful.

In a recent face-to-face event held by Shopee for Davao-based entrepreneurs, both sellers shared how easy it was to join and grow their businesses on Shopee, even in the face of economic uncertainty.

Tip #1: Just go online, digitize your business

SY Glow Cosmetics owner Lou Putian’s e-commerce journey started when her husband, an Overseas Filipino Worker, was sent home in 2020. “We had little to no income at the time. To continue paying our bills, I started selling bath and body care essentials haphazardly online until some of my loyal customers urged me to set up a Shopee store,” she shared.

In just 2 months after creating an account and learning how to market her products through the platform, her sales greatly increased. “From barely making ends meet then, I’ve now been able to fulfill my dream of purchasing houses for family members and even establishing my own warehouse,” she added.

Meanwhile, Shiela of Cacao Culture, already joined Shopee in 2017. However, she and her team only focused their efforts on the platform after the pandemic affected their operations. “Initially, our Shopee account was only meant to supplement our retail store sales. But when the pandemic hit, we were forced to close down our physical stores and outlets—prompting us to refocus our efforts on e-commerce,” she shared.

Since making the leap to e-commerce, Shiela grew her sales volume 7x. Cacao Culture’s growth and visibility on the platform also encouraged Shiela and her team to carry more Davao-based cacao brands and sell them nationwide.

Tip #2: Maximize Shopee’s convenience, seller tools, and nationwide logistics network

Besides the need to shift to a new income stream, what drew both sellers to Shopee was how easy it was to onboard into and sell on the platform. “With Shopee, all you need is a mobile phone and internet connection,” shared Lou. “The convenience that Shopee offers allows entrepreneurs like me to manage my own business and care for my family, all from the comfort of my own home.”

Having benefited from the seamless Shopee experience to easily bring sellers online, Shiela also highlighted that growing and sustaining one’s business is another story and different kind of challenge. Fortunately, Shopee offers tools like insights and marketing solutions to help sellers further their business growth and visibility. Moreover, Shopee’s continuous logistics expansion nationwide also allows sellers like Shiela to reach more customers.

“As a Davao-based seller, I found it challenging to sell my products online and attract more buyers at the beginning. Through Shopee’s establishment of more hubs in Mindanao and the tools on the platform’s Marketing Center, I was able to attract more customers nationwide by setting up promotions, discounts, and vouchers,” she said.

Martin Yu, Director at Shopee Philippines said, “It is heartwarming to hear Lou and Shiela’s success stories as it is a testament to what sellers are capable of achieving on Shopee’s platform. Through seller education activities, the continuous advancement of platform features, nationwide hub expansion, and other initiatives, we strengthen our commitment to deliver a safe and convenient online shopping experience for both our customers and sellers, no matter where they are in the Philippines.”

If you want to grow your business online and enjoy the numerous benefits of e-commerce, start your online selling journey with Shopee today. Download the Shopee app for free via the App Store or Google Play.

Buying a Car in the New Normal: 3 Things to Consider Before Making the Decision

Having a car has never been more important. Due to the pandemic, a car has become a necessity rather than just a luxury since commuting or taking public transport increases our chances to be exposed to the virus. It is now considered to be a "safer" option if we use our own. Having a car is also helpful during medical emergencies especially when there is no ambulance available in the area.

Unfortunately, buying one may not be easy since it comes with a hefty price tag. In fact, buying a car nowadays is more expensive. According to Forbes, in January 2022, 82.2% of all new-vehicle purchases were above the manufacturer’s suggested retail price. This is because of several factors including the pandemic, shortage of semiconductors (chips), and now the war in Ukraine. With skyrocketing prices, potential buyers will need to do research and adequate planning before making a decision.

Here are 3 things to consider before buying a car:

1. Determine what type of car you need

Given that there are so many different models and car types available, it is important to find a car suitable for your needs. Ask yourself these questions

• What is the main purpose or how do you intend to use the car? Is it for city driving only? 
• Who will be using the car? How many passengers?
• What cargo capacity do you need?
• Are you looking for manual or automatic transmission?
• If you are considering larger vehicles, do you have enough available parking space at home?

Based on your answers, you can narrow down your choices and come up with a list of the cars that will fulfill your requirements. 

Also, check your priority when it comes to cars - Is it engine power or fuel efficiency?

Due to increasing fuel prices, we have to consider the fuel consumption of our chosen vehicle. More horsepower generally means higher fuel consumption. Choose a vehicle with no more horsepower than you actually need in that way you can save on fuel and reduce environmental impacts. 

2. Decide Whether to Buy a New or Used Car

Getting a brand new or a used car has both advantages and disadvantages. Brand new cars are more reliable, have increased durability, and have better fuel efficiency. Used cars, on the other hand, are more affordable and cheaper given that the bulk of depreciation already occurred. 

Please note though that buying a used car doesn't necessarily result in savings. Used cars may likely cost less to purchase but one may still end up paying more in the long run due to maintenance costs. Thus, in case you decide to get a used one, the ideal age for a used vehicle is 3-4 years old maximum. 

3. Set a Budget and Check Financing Options

Budget is a top consideration when buying a car. Decide how much are you willing to spend not just on the purchase but also on the operating and maintenance costs of the car.

According to the 20/4/10 rule, it is recommended that car buyers should at least make a 20% down payment on a car with a four-year car loan and then spend no more than 10% of their monthly income on transportation expenses. Monthly transportation expenses include your auto loan payments, maintenance, gas, and car insurance. 

You can check how much will you spend on gas, here.

If you are planning to apply for financing, it is important to determine how much monthly payment can you afford.

Make use of online tools like CarPaymentCalculator.net to help you determine your monthly auto loan payments while considering your downpayment, rebates, interest rates, and sales taxes. It's easy to use and produces instant results. You can even create and print a loan amortization schedule which many find really helpful. 

Conclusion

Whether you are a new car owner or not, it is important to consider all of these things in that way, you can avoid costly mistakes of getting the wrong car or a financing plan that doesn't work for you. 

Once you have done research and planning, you will have the confidence that you made the right decision. You can simply sit, back, and relax. or better yet, play the Cars Lightning Speed (a racing game based on the Disney animated movie series)