As it revolutionizes the way money works in Southeast Asia, the neobank is strengthening a critical component of cybersecurity in an interconnected online world.
SINGAPORE, June 7, 2022 /PRNewswire/ — Noname Security, the complete proactive API security platform, has been chosen by Tonik – the Philippines’ first neobank to help safeguard a critical component of its digital platform as it seeks to address new retail lending opportunities in Southeast Asia.
Tonik has selected the Noname API Security Platform to ensure that its digital efforts, which have accelerated during the pandemic, incorporate robust cybersecurity measures that protect both the bank and its customers. According to a report by research firm Gartner, APIs will be the top attack vector for web applications in 2022.
To address this, the Noname API Security Platform provides Tonik with the means to validate the health of the APIs it uses. The neobank can now have a complete, real-time inventory and monitor active APIs efficiently as well as discover and analyze legacy and dormant APIs. The platform also enables the bank to actively test APIs before production so that it can identify potential flaws in its software development lifecycle.
Noname Security was also chosen for its ease of use, Software-as-a-Service (SaaS) licensing model, non-intrusiveness, and the ability to integrate with the bank’s back-end workflow solution.
"We chose the Noname API Security Platform after a proof-of-value test and we are happy that it meets our expectations of a top-notch API security solution," said Arivuvel Ramu, Group Chief Technology Officer of Tonik. "It is a priority for us to ensure that APIs deliver the performance and security required for compliance as well as a great digital experience for consumers."
"We are pleased that Tonik has placed its trust in our expertise and experience to help secure an important component of their digital business," said PK Lim, Vice President Sales Asia Pacific at Noname Security.
"With automated and dynamic tests built into API development, enterprises like Tonik can more effectively resolve any security issues before they take root," he noted.
Tonik (www.tonikbank.com) is the first digital-only neobank in the Philippines, providing loan, deposit, payment, and card products to consumers on a highly secure digital banking platform. The neobank operates on the basis of the first private digital bank license issued by the Bangko Sentral ng Pilipinas. Tonik is led by a team of retail finance veterans who have previously built and scaled multiple retail banks and fintechs across the global emerging markets. It is backed by top international venture capital funds. Tonik operates out of hubs in Singapore (HQ), Manila, Chennai, and Kyiv.
About Noname Security
Noname Security is the only company taking a complete, proactive approach to API Security. Noname works with 20% of the Fortune 500 and covers the entire API security scope across three pillars — Posture Management, Runtime Security, and API Security Testing. Noname Security is privately held, remote-first with headquarters in Silicon Valley and offices in Tel Aviv and Amsterdam.