Verimatrix XTD Tapped to Protect and Defend HBL Microfinance Bank’s FirstPay Mobile App

Regulatory News:

Verimatrix, (Euronext Paris: VMX), the leader in powering the modern connected world with people-centered security, today announced that HBL Microfinance Bank Ltd (HBL MfB) is among the latest financial institutions in the South Asia region to deploy the Verimatrix Extended Threat Defense (XTD) app shielding service to protect FirstPay, the bank’s mobile wallet app.

Earlier this month, HBL MfB added Verimatrix XTD protections to its FirstPay mobile app that has seen 1 million+ downloads to date between the Google Play Store and the Apple App Store. Verimatrix XTD greatly reduces the chances of cybercriminals using the app to infiltrate connected enterprises while deploying the latest obfuscation, anti-tamper and anti-reverse engineering techniques to prevent threats before they can compromise both the mobile app -- and the enterprise.

“We’re pleased to announce that HBL Microfinance Bank’s FirstPay mobile app will now serve its customer base with the reassurance that Verimatrix’s XTD app shielding service is proactively providing the needed protections against attackers looking to exploit app-related vulnerabilities,” said Tom Powledge, Head of Cybersecurity Business for Verimatrix. “It’s through this strategic effort to maximize protections during the ongoing development process that XTD greatly reduces the chances of attack while also providing the visibility and insights needed to identify and remediate potential threats. That’s especially critical for mobile apps that deliver such bedrock services such as basic banking needs to so many.”

Mustafa Jamshed Gillani, Chief Digital & Financial Inclusion Officer at HBL MfB, said “This partnership marks a significant milestone in our journey toward digital financial inclusion and providing safe and secure mobile banking services. At HBL Microfinance Bank, our customers are our priority which is why it is our mandate to offer convenience and financial security through FirstPay. As a mobile wallet backed by a leading microfinance bank, Firstpay is on a mission to provide accessible digital lending solutions to the unbanked.”

Waqas Haider, Chief Information Security Officer at HBL MfB, said, “In line with our leadership’s vision of digital financial inclusion and digital banking for the unbanked, we are strongly geared toward providing secure and stable mobile banking services to our valued customers. In doing so, we put regulatory requirements first and foremost in our approach of secure design. We are proud to have such a focused team with a single vision to deliver stable and secure mobile banking service to our valued customers.”

About HBL Microfinance Bank
HBL Microfinance Bank, was established in 2002 as a nationwide microfinance bank. HBL MfB was created through a structured transformation of the credit and savings section of the Aga Khan Rural Support Programme (AKRSP), an integrated development programme initiated in 1982, to pioneer the microfinance sector. Through targeted financial and multi-sectoral products and services based on the evolving needs of the underprivileged, HBL MfB continues to enable its clients to strengthen their entrepreneurial base and build financial, physical and human capital to secure their future.

About Verimatrix
Verimatrix (Euronext Paris: VMX) helps power the modern connected world with security made for people. We protect digital content, applications, and devices with intuitive, people-centered and frictionless security. Leading brands turn to Verimatrix to secure everything from premium movies and live streaming sports, to sensitive financial and healthcare data, to mission-critical mobile applications. We enable the trusted connections our customers depend on to deliver compelling content and experiences to millions of consumers around the world. Verimatrix helps partners get to market faster, scale easily, protect valuable revenue streams, and win new business. Visit www.verimatrix.com.

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The Verimatrix Stock at the time of publication of the news with a fall of -0,98 % to 0,453EUR on Lang & Schwarz stock exchange (08. Februar 2024, 17:43 Uhr).