V-Key, a provider of mobile digital security, has entered into a collaboration with Ant Financial Services Group, a global tech company that provides online and mobile financial solutions. Under the partnership, V-Key aims to provide a virtual software solution called V-OS for Ant Financial to help secure transactions on AliExpress, one of Alibaba Group’s international retail ecommerce platforms.
The Singapore-based cyber security company also plans to provide cryptographic services and trusted environments to help secure payments processed by Alipay on AliExpress, along with risk management for each transaction.
V-key to extend cybersecurity solutions to partners
Speaking on the pressing need for V-Key’s fast-growth, as well as its mission to work with its partners to secure mobile transactions against fraudulent activities, Alipay, Co-founder and Chief Executive Officer, V-Key said:
“With the rapid uptake in mobile payments, e-commerce threats are becoming smarter, bigger, more sophisticated. They pose a threat not just to end-users, but also to the reputation of our partners.”
“To stay ahead, V-Key has invested considerable time and effort to build the world’s leading virtual mobile cybersecurity suite of solutions. With our all-in-one virtual element V-OS, we look to future proof mobile wallets against advanced threats by protecting end-user information. In doing so, we look to create a safer transaction environment for our fast-growing number of partners,” Mah added.
V-Key also aims to bring advanced user data protection to its partners, without the need to use any form of hardware secure elements, which can be less secure. Its mobile security solution works on both iOS and Android devices.
Enable businesses with cloud-based payments
According to the company, V-OS is currently deployed by top banks, mobile payment providers, and governments globally. With the new solution, card and cardholder data will be encrypted, providing for more secure user authentication. In this way, V-key explains that the new solution allows businesses to roll out cloud-based payments, trusted digital identity and authentication necessary for mobile banking and other secured mobile applications.
“As more users opt for mobile payments, account safety assumes utmost importance. V-Key’s unique technology helps us deploy our risk engine to enhance mobile security. The partnership is part of our commitment to secure our services. In the process, we are enabling more and more businesses and partners to expand their global market reach,” said Jason Lu, Vice President, Fraud Risk Management, Ant Financial.
V-Key claims that its solutions are certified by industry bodies including Federal Information Processing Standard (FIPS) Publication 140-2 (USA) and Info-communications Media Development Authority (IMDA), Singapore. Founded in 2011, its technology has already reportedly secured 30 million mobile wallets internationally.