Ant Financial, the financial services affiliate of Alibaba Group, has selected V-Key, a Singapore-based provider of digital security platforms, to secure mobile payments against fraudulent activities.
Under the agreement, V-Key will provide a virtual software solution dubbed V-OS for Ant Financial to secure transactions on AliExpress, one of Alibaba Group’s international retail ecommerce platforms.
The technology vendor will also provide cryptographic services and trusted environments to help secure payments processed by Alipay on AliExpress, along with risk management for each transaction.
V-OS, which is said to be the world’s first virtual secure element, encrypts card and cardholder data, providing for more secure user authentication.
Benjamin Mah, co-founder and CEO of 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.”
Jason Lu, Vice President of Fraud Risk Management at Ant Financial, said,”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.”