V-Key, a global leader in digital security, and Ant Financial Services Group, the leading global 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, which is currently deployed by top banks, mobile payment providers, and governments globally, is the world’s first virtual secure element. 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.
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, Benjamin Mah, co-founder and Chief Executive Officer 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.”
V-Key’s solutions are certified by leading industry bodies including FIPS 140-2 (USA) and Info-communications Media Development Authority of Singapore. It has been rigorously stress tested by the likes of global analysts, e-commerce players, government agencies and regulatory bodies globally, including Ant Financial, Core Security Technologies, UL Transaction Security, MWR InfoSecurity, Quarkslab, Upyun, Vantage Point Security, Resolvo Systems among others.
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."
Contributed | what does this mean?