Chinese mobile payment provider Alipay has launched a platform that bolsters security measures and strengthens risk detection capabilities for its service partners around the world, the company said on Thursday.
Why it matters: Alipay and other major players in the internet finance sector have been battling increasingly prevalent financial fraud, data security threats, and other cybersecurity risks.
- There were 3,314 cases of online fraud in China’s finance industry in 2019, outpacing all other sectors, according to a recent report from internet security firm Qihoo 360.
“By opening up this new platform to partners globally, Alipay is demonstrating our commitment to sharing security knowledge and best practices to the community, boosting the confidence of all stakeholders regarding the adoption of mobile payment services.”
—Rui Xiongwen, Ant Financial vice president and president of Alipay’s Security Business Group
Details: Prior to the new security platform, Alipay already offered its partners a suite of cybersecurity tools. The new platform, however, allows the company a systematic approach and a more comprehensive solution.
- The platform, announced during an event in Singapore on Thursday, will help Alipay partners in sectors like mobile payments and financial services boost risk detection and management capabilities.
- The e-wallet service provider has developed data security products including Data Shield, a data privacy protection tool, and MORSE, a multi-party security computing platform.
- The company has applied artificial intelligence and machine learning technologies internally to detect suspicious transactions and counter fraud attempts.
Context: Alipay together with its overseas mobile payment partners have 1.2 billion users worldwide.
- The Chinese company has been expanding its services beyond China over the past few years. In Southeast Asia, Alipay has deepened its reach through investments and partnerships with local mobile payment providers including TnGD in Malaysia, DANA in Indonesia, and GCash in the Philippines.