V-Key, a mobile security provider in Singapore, has received a $12 million investment from the Ant Financial Services Group, the Chinese financial services company that operates Alipay.
The Series B investment gives Ant Financial a minority stake in V-Key, which provides secure element technology for e-commerce transactions. The funding will be used to expand V-Key's global presence and develop the company's security offerings.
Ant Financial's Alipay is an ecommerce affiliate of Alibaba that offers PayPal-like services. Ant Financial also operates the Alipay Wallet, Yu'e Bao, Zhao Cai Bao, and Credit and MYbank.
"V-Key's all-in-one virtual secure element technology is in line with Alipay's commitment to creating a safer, more convenient global transaction environment," said Jason Zhu, head of investments at Alipay, in a Nov. 17 press release.