Singapore-based V-Key, a FinTech startup that specializes in mobile security, announced its partnership with Ant Financial.
Through the partnership, Ant Financial will use V-Key’s technology to safeguard transactions on Alibaba’s global eCommerce marketplace, AliExpress. The startup will also support cryptographic services and trusted environments to help secure all of the payments processed on AliExpress, while also providing risk management for each transaction.
Benjamin Mah, cofounder and CEO of V-Key, said: “With the rapid uptake in mobile payments, eCommerce 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.”
V-Key’s solutions are certified by various global industry bodies, such as FIPS 140-2 in the U.S. and the Info-communications Media Development Authority of Singapore. The company’s V-OS offering is currently deployed at big banks, mobile payment providers and governments around the world. The virtual secure element encrypts card and cardholder data, which V-Key said can deliver a more secure user authentication.
"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,” Jason Lu, VP of fraud risk management at Ant Financial, said in a statement.