SINGAPORE: Digital security vendor V-Key on Monday (Nov 14) said it will partner Ant Financial Services Group, which was spun off Alibaba Group, to help secure transactions on e-commerce platform AliExpress.
In a joint press release, both parties said under the partnership, V-Key will provide a virtual software called V-OS for Ant Financial to secure transactions on AliExpress. The Singapore company, founded in 2011, will also provide cryptography services and risk management, it added.
V-Key's products allow customers such as Ant Financial to bring "advanced user data protection without the need to use any form of hardware secure elements", and works on both iOS and Android devices, the press release said.
Mr Jason Lu, vice president of Fraud Risk Management at Ant Financial, said in the press release: ”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 Chinese company, which used to be Alibaba's online payment business known as Alipay, was spun off before the Internet giant's public offering in 2014. It is among the investor pool in V-Key's US$12 million Series B funding round, the press release said.