Fintech Festival India Awards: Wibmo Wins 'Exceptional Adoption of Cyber Security Solutions in Fintech' Award

The company has added this accolade in its proud journey on the back of its flagship Wibmo Security Framework

Wibmo currently has PCI-DSS, PCI-3DS, ISO27001, ISO27701, and SOC2 Type II certifications, demonstrating a matchless level of resilience and customer/stakeholder services

Digital payments solution firm, Wibmo – A PayU Company – has recently received the 'Exceptional Adoption of Cyber Security Solutions in Fintech' award. The company won this feat at the recently held Fintech Festival India Awards organized as part of the Fintech Festival.

Wibmo’s win is attributed to its unparalleled technology integration, innovative solutions, and advanced growth strategies to boost the development of banks, fintech institutions, and businesses. Its flagship, Wibmo Security Framework, was one of the key highlights of the awards evening.

Wibmo Security Framework, a one-of-its-kind security foundation, is based on NIST, GDPR, ISO, PCI-DSS, SOC2, and other relevant industry-standard frames. It is perfectly in alignment with the Wibmo Enterprise Risk Management framework, which is embedded with layered security controls to protect customers' data and information effectively. Additionally, the framework includes physical access control followed by robust logical perimeter security accompanied by DMZ. It also consists of implemented firewalls in failover mode integrated with IDS and IPS.

Apart from these features and implementations, Wibmo Security Framework also boasts of CyberArk (for privileged access management), SISA SIEM tools (for continuous monitoring of potential threat vectors), and Hardware Security Module (HSM) tool (for encrypting and decrypting PCI-sensitive data). Wibmo has a robust Cyber Incident Management Response mechanism to ensure quick recovery from any threat vector.

Pravin Kumar, CISO- Wibmo, a PayU Company, said, "It takes years to build a reputation and a few minutes of cyber-incident to ruin it. In the fintech industry, technology/platform trust is a good thing. But continuously strengthening your control is a better one. At Wibmo, we always put ourselves in customer shoes and listen to concerns about security and privacy of data and take all the necessary steps to win their trust."

"We are now one of the most secure and compliant fintech establishments, which has created a sustainable competitive advantage to grow the business, increase productivity and win the trust of existing and potential customers. As a CISO, my job is to streamline, harmonize and propagate cybersecurity and cyber hygiene throughout the organization, and this award shows that we are on the right path. Thanks, FFI, for this highly acclaimed award", he added.

Baldeep Singh Pahwa, General Manager & India Country Head, Constellar Exhibitions India, said, "We have endeavored to put India's emerging fintech ecosystem in the forefront and let the world take notice of its tremendous capabilities. Over the last year, we have had several interesting discussions on payments, security, blockchain, etc. As we come to the last leg of Fintech Festival India, we wish to celebrate the fantastic achievements of some of our country's most promising companies through our fintech awards. Congratulations to all the winners and good wishes to all the participants. Through these fintechs and many more, India will soon emerge as the focal point of the global fintech ecosystem."

It is pertinent to mention that over the years, Wibmo has acquired multiple certifications such as PCI-DSS, PCI-3DS, ISO27001, ISO27701, and SOC2 Type II. These certifications effectively exemplify the company’s highest level of resilience and seamless services to its customers and stakeholders. Additionally, it has been recognized as a Global Data Privacy Regulation (GDPR) ready organization.

About Wibmo:

Wibmo Inc., a Cupertino, California company, is a subsidiary of PayU. It is a global full-stack PayTech company, an industry leader in payment security and digital payments in emerging markets, partnering with 130+ banks across 28 countries. The company is the largest authentication service provider in India, one of the world's leading digital payment markets. It also offers fraud and risk management solutions, mobile payments, prepaid solutions, and a host of merchant and acquiring services.

Learn more about Wibmo: https://www.wibmo.co/

Wibmo, a PayU company, Secured India's 1st PCI Secure SLC Certification by SISA, A Cybersecurity Company

This certification establishes the brand as the first Indian company to obtain this certification, which is critical for companies developing payment software.

Wibmo, a PayU company has been certified as a ‘PCI Secure SLC qualified Company.’ The brand is now among the top 10 companies in the world to get this certification.

With the increased number of digital transactions, there has also been an increase in cybercrime, which necessitates additional safeguards to ensure the safety of software and platforms used by customers, particularly in the payments industry.

This certification will strengthen customers' trust in Wibmo and give them extra assurance that they are in safe hands when using the company's software solutions.

The PCI Secure SLC Standard is intended for companies, who build software for the payments industry. Being Secure SLC certified shows that the company has an established secure software development lifecycle.

The PCI Secure Software Lifecycle (SLC) Standard is a component of the PCI Software Security Framework that assists software vendors in designing and integrating security at each stage of the software lifecycle. Software vendors can appoint a Secure SLC Assessor to assess and validate their SLC for compliance with the Secure SLC Standard. The Secure SLC Assessor documents the assessment and validation in a Report on Compliance (ROC). The PCI SSC's Secure SLC-Qualified Software Vendors list includes software vendors who have gone through this validation process.

Wibmo attained the PCI S-SLC certification through an independent assessment by SISA, a Qualified Security Assessor (QSA) and one of the top 4 global PCI Forensic Investigators (PFIs).

The certification journey consisted of three phases, viz., Gap Assessment, Validation and Listing. In the first phase, SISA carried out the application source code review, forensic analysis and security testing, which culminated in identifying vulnerabilities and providing recommendations for mitigating them. In the second phase, SISA performed an offsite evaluation of action points, review of all PCI S-SLC requirements and re-testing of the application to verify that all action points identified during the initial application security testing have been mitigated. Thereafter, SISA prepared the final Report on Compliance (RoC) and Attestation of Compliance (AoC) and issued the Certificate of Compliance (CoC) after the application was listed, post the review of documents by the PCI Assessor Quality Management (AQM) team.

According to Pravin Kumar, CISO of Wibmo, a PayU company, Wibmo's information security strategy focuses on enabling business and creating a competitive advantage over the long term for our company. The entire team has supported this mission over the last year, and we now stand out from our competitors. We have received many certifications in the past year, including ISO 27001, ISO 27701, SOC2, GDPR readiness, and many more.We are in the payment software business, so it was imperative that we provide assurance from a reputable agency to our existing and prospective clients. We decided to pursue PCI - SLC certification for all our platforms with the assistance of our partner SISA. With their help, we were able to achieve this prestigious certification. It is heartening to hear that we are the first in India and one of very few in the world to get this certification. “

“With the payment technology landscape rapidly evolving, the need for implementing the right security controls, especially for payment software has risen tremendously. PCI S-SLC is designed to support a wider range of technologies, payment software types, and development methodologies compared to PA-DSS. These standard addresses key security principles such as governance, threat identification, vulnerability detection and mitigation, security testing, change management, secure software updates, and stakeholder communications. Being S-SLC certified demonstrates that you have a mature secure software development lifecycle in place. SISAs partnership with Wibmo underlies our effort to enable and empower Wibmo grow and deliver safe solutions to its customers. We congratulate Wibmo for attaining the PCI S-SLC compliance certificate and appreciate their efforts and commitment towards building a highly secure payment environment for their customers,” said Dharshan Shanthamurthy, CEO and Founder, SISA.

About Wibmo

Wibmo Inc., a Cupertino, California company is a subsidiary of PayU. It is a global full-stack PayTech company an industry leader in payment security and digital payments in emerging markets, partnering with 130+ banks across 28 countries. The company is the largest authentication service provider in India, one of the world's leading digital payment markets. It also offers solutions ranging from mobile payments, fraud and risk management, prepaid solutions, and a host of merchant and acquiring services.

Learn more about Wibmo: https://www.wibmo.co/ or reach out to us at: sales@wibmo.com.

About SISA

SISA is a global cybersecurity company, with offices in 14 countries, including Bangalore, India and Irving, Texas. SISA helps organisations grow with true cyber-security with robust preventive, detective, and corrective security services, and solutions.

By taking the problem first approach and leveraging its experience as a Top 4 Global Payment Forensic Investigator (recognised by PCI Security Standards Council), SISA helps its 2,000 customers in 40+ countries focus on their business growth by taking care of their cybersecurity challenges.

For more information, visit www.sisainfosec.com or write to Aparna Gajanan at aparna.gajanan@sisainfosec.com

Gurgaon-based MyPoolin Acquired By US Payment Firm Wibmo For $1 Million

US-based digital payment company Wibmo Inc has bought Gurgaon-based mobile peer-to-peer (P2P) payment solution startup Mypoolin in a cash and stock deal valued above $1 million. Post this acquisition, all existing investors will get a combination of stock and cash, and Mypoolin will continue to operate as an Indian subsidiary of Wibmo, but eventually the startup will be integrated with the Wibmo. The founders will join Wibmo’s India office, reported LiveMint.

Notably in 2015, MyPoolin received $250,000 of convertible funding as a winner of Qualcomm Ventures' QPrize competition and Accel Partners was one of the backers in that, who had also invested in Wibmo’s Series-A round in 2009, when Wibmo was called enStage. In the same year, MyPoolin had raised undisclosed amount of seed funding from Google India Managing Director Rajan Anandan and other tech entrepreneurs and investors such as Amit Ranjan, Sharad Sharma and Sunil Kalra.

Launched in 2015 by Rohit Taneja (IIT Delhi) and Ankit Singh (FMS Delhi), Mypoolin is a mobile P2P and group payments application. It utilizes UPI (Unified Payment Interface) to collect and settle daily expenses with friends. A user can also plan and pay together for use cases such as group-gifting, movies, vacations, concerts, events, and parties. The startup recently launched its chat-bot app that allows peer-to-peer payments to anyone in your contact list, which is currently active on Messenger, Slack and Telegram.

Speaking about Wibmo, the company already has a B2B presence in India and claims to work with private banks in India. The US company plans to use Mypoolin acquisition for expanding its consumer base. Wibmo offers ecommerce authentication services, online mobile payments, payment gateways, and recharge and bill payment services.

“Mypoolin is a very strong technology company in the bank account-based payment space in India. With UPI and Aadhaar-based market leading solutions in this rapidly growing segment, Mypoolin expands our offering in consumer payments and opens up some very exciting opportunities,” Wibmo CEO Govind Setlur told to a business daily.

This is second Indian startup acquisition within a span of just two days as on Monday UK-based firm Page Solutions acquired Mumbai-based blockchain startup Aetlo Tech for undisclosed amount.

Top Image - bwdisrupt.businessworld.in

Gurgaon-based MyPoolin Acquired By US Payment Firm Wibmo For $1 Million

US-based digital payment company Wibmo Inc has bought Gurgaon-based mobile peer-to-peer (P2P) payment solution startup Mypoolin in a cash and stock deal valued above $1 million. Post this acquisition, all existing investors will get a combination of stock and cash, and Mypoolin will continue to operate as an Indian subsidiary of Wibmo, but eventually the startup will be integrated with the Wibmo. The founders will join Wibmo’s India office, reported LiveMint.

Notably in 2015, MyPoolin received $250,000 of convertible funding as a winner of Qualcomm Ventures' QPrize competition and Accel Partners was one of the backers in that, who had also invested in Wibmo’s Series-A round in 2009, when Wibmo was called enStage. In the same year, MyPoolin had raised undisclosed amount of seed funding from Google India Managing Director Rajan Anandan and other tech entrepreneurs and investors such as Amit Ranjan, Sharad Sharma and Sunil Kalra.

Launched in 2015 by Rohit Taneja (IIT Delhi) and Ankit Singh (FMS Delhi), Mypoolin is a mobile P2P and group payments application. It utilizes UPI (Unified Payment Interface) to collect and settle daily expenses with friends. A user can also plan and pay together for use cases such as group-gifting, movies, vacations, concerts, events, and parties. The startup recently launched its chat-bot app that allows peer-to-peer payments to anyone in your contact list, which is currently active on Messenger, Slack and Telegram.

Speaking about Wibmo, the company already has a B2B presence in India and claims to work with private banks in India. The US company plans to use Mypoolin acquisition for expanding its consumer base. Wibmo offers ecommerce authentication services, online mobile payments, payment gateways, and recharge and bill payment services.

“Mypoolin is a very strong technology company in the bank account-based payment space in India. With UPI and Aadhaar-based market leading solutions in this rapidly growing segment, Mypoolin expands our offering in consumer payments and opens up some very exciting opportunities,” Wibmo CEO Govind Setlur told to a business daily.

This is second Indian startup acquisition within a span of just two days as on Monday UK-based firm Page Solutions acquired Mumbai-based blockchain startup Aetlo Tech for undisclosed amount.

Top Image - bwdisrupt.businessworld.in