V-Key is an under the radar startup in Singapore, with US$16 million in funding and over 30 million wallets secured
A Singaporean digital mobile security startup named V-Key announced today it has entered into an agreement with Alibaba’s Ant Financial to help secure transactions on AliExpress — an e-commerce retail platform with a focus on the international audience.
The software is called V-OS and it strengthens the encryption of customer information and helps clients roll-out cloud based business models.
Ant Financial participated in a US$12 million Series B round in 2014 which, at the time, was meant to help Alibaba’s fintech arm beef-up Alipay.
“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,” said Benjamin Mah, V-Key Co-founder and CEO in an official statement.
“In doing so, we look to create a safer transaction environment for our fast-growing number of partners,” he added.
V-Key leverages a tried-and-true security feature (the credit card chip) and applies the framework to a software system and creates a tamper-resistant security system.
Now the company is positioned nicely to take advantage of Alibaba’s near-complete transition to a mobile e-commerce company. On Singles’ day, of the record-setting US$17.8 billion of total sales made through Alibaba’s properties, 82 per cent of the sales were transacted via mobile.
Earlier this month, Ant Financial made its first foray into Southeast Asia when it secured a strategic partnership with Thailand’s Ascend Money. That deal is meant to lay the groundwork for Ant Financial by making the bet it will be well-positioned when Thailand shifts into a cashless, mobile-first economy.
V-Key is certified by the US Government security standard (called the FIPS 140-2) as well as Singapore’s Info-communications Media Development Authority.
“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,” said Jason Lu, Vice President of Fraud Risk Management at Ant Financial in an official statement.
V-key has raised US$16 million in total funding (up to Series B) and claims to have secured over 30 million digital wallets.
The company’s global headquarters are in Singapore, but V-key also has significant operations in Silicon Valley.
Besides the partnership with Ant Financial, V-key also provides security for banks and the auditing/tax corporate Deloitte.
Photo courtesy of Alibaba.
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