V-Key partners with Ant Financial to secure mobile payments
By Digital News Asia November 15, 2016
- V-Key’s V-OS solution will enable Ant Financial to secure transactions on AliExpress
- V-OS is currently deployed by banks, mobile payment providers, and governments
V-KEY, a digital security company, and Ant Financial Services Group, a tech company that provides online and mobile financial solutions, have entered into a collaboration.
Under the partnership, V-Key will 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. (Ant Financial is a related company of Alibaba Group).
V-Key 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 is currently deployed by banks, mobile payment providers, and governments. With V-OS, card and cardholder data will be encrypted, providing for more secure user authentication.
V-Key’s solutions allow businesses to roll out cloud-based payments, trusted digital identity and authentication necessary for mobile banking and other secured mobile applications.
V-Key brings 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.
“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.
“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 partners,” said V-Key chief executive officer Benjamin Mah (pic, above).
V-Key’s solutions are certified by industry bodies including FIPS 140-2 (USA) and Info-communications Media Development Authority of Singapore.
It has been stress tested by analysts, e-commerce players, government agencies and regulatory bodies, including Ant Financial, Core Security Technologies, UL Transaction Security, MWR InfoSecurity, Quarkslab, Upyun, Vantage Point Security, Resolvo Systems among others.
Ant Financial Fraud Risk Management vice president Jason Lu (pic, right) said, “As more users opt for mobile payments, account safety assumes utmost importance. V-Key's 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."
V-Key was founded in 2011, and has services in Singapore – where it is headquartered – as well as markets across Asia-Pacific and the US.
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