24 SEPTEMBER 2021 (SINGAPORE) – Cube Payment Services Pte Ltd (CubePay), a leading digital payment financial technology company headquartered in Singapore, announced achieving both Information Security Management System (ISMS): ISO/IEC 27001 and Privacy Information Management System (PIMS): ISO/IEC 27701 certifications – a hallmark recognition for a first Singapore financial technology company to obtain the dual international certifications  (please see foot note). These certifications mark another important milestone in CubePay’s commitment to providing responsible innovation and trustworthy digital payment solutions to acquirers, merchants, and consumers.

 

Adding to Payment Card Industry’s Data Security Standard (PCI-DSS) Level 1 accreditation since 2016, the newly attained ISO/IEC accreditations have enhanced CubePay’s proactive cybersecurity strategy in risk management, threat prevention, and data privacy safeguard.

 

Recent research shows the need to address rising cybercrimes as digital technology becomes deeply intertwined with businesses and consumer lifestyle choices:

 

• 94% of consumers in APAC are considering using emerging payment methods in 2021, and security concern is top of mind for consumers (Source: Mastercard).

• 38% of merchants report losing 6% or more of their revenue to payment fraud (Source: WorldPay). 

• Singapore cybercrimes made up 43% of all crimes reported in 2020 (Source: Cyber Security Agency of Singapore). 

 

Mr Benjamin Chua, Chief Technology Officer and Co-Founder of CubePay, says, “As Singapore journeys to become a leading Smart City, borderless digital payment is increasingly becoming the preferred payment mode. Behind the scenes, we constantly update our cybersecurity strategy to meet the evolving threats. We have adopted ISO/IEC 27001 and ISO/IEC 27701 gold standards to assure our customers – We make no compromises when it concerns payment security and data privacy.”

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Mr Clement Teo, Senior Vice President - Business Assurance (ASEAN) at TÜV SÜD PSB Singapore, says, “We congratulate CubePay on this major achievement, for being the first Fintech company in Singapore to attain both ISO/IEC 27001 and ISO/IEC 27701 accreditations with TÜV SÜD PSB Singapore. These accreditations will inspire greater trust among partners of CubePay’s digital payment ecosystem.”

 

The ISO/IEC 27001 and ISO/IEC 27701 certificates were officially presented to CubePay in an event held at TÜV SÜD PSB Singapore on 24 September 2021.

 

TÜV SÜD and CubePay have co-authored a case study on CubePay’s accreditations, available at TÜV SÜD’s website.

 

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Footnote (1)

CubePay is the first Singapore Fintech company to achieve ISO/IEC 27001 Information Security Management System (SAC) and ISO/IEC 27701 Privacy Information Management System (NABCB) accreditations by the Certification Body of TUV SUD PSB Singapore.

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About the Accreditations

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• ISO (the International Organization for Standardization) and IEC (the International Electrotechnical Commission) form the specialized system for worldwide standardization.

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• Information Security Management System certification (ISO/IEC 27001)

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• Privacy Information Management System certification (ISO/IEC 27701)

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