What was the story behind the creation of V-Key Technology?
In 2011, we embarked on a journey to create a mobile security solution that would be as secure as the hardware smart card chips that we used to have in our ATM cards, credit cards, or hardware authentication tokens.
Back then, cards like ATMs and credit cards utilised physical smart chips known as hardware secure elements to ensure security. We realised that as more services went digital and our reliance on mobile devices grew, mobile cybersecurity became paramount.
We recognised the need to build technology to recognise and deny fraudulent transaction requests that don’t originate from official mobile applications made by hackers and fraudsters.
That was the origin of V-OS, the world’s first and only true patented virtual secure element that uses advanced cryptography and cybersecurity protection to comply with standards previously reserved only for expensive hardware solutions.
Tell us how the technology works.
Essentially, V-OS acts as a software smart chip that resides within your mobile apps. It emulates the physical chip on your plastic credit card that would traditionally be the thing that would authenticate and authorise transactions.
V-OS creates a secure sandbox within an app that acts as a safe operating environment for data storage and other processes that is executed in isolation from the rest of the app’s activity.
It acts as the security foundation of mobile applications which lets organisations build a wide range of secure, trusted, scalable solutions in accordance to their needs.
All our V-OS product offerings provide military-grade protection and are used and trusted by international banks, government bodies, and super apps. We are proud to secure more than 250 million mobile devices globally.
These days, mobile payments make up about half of the digital payments across Southeast Asia. Our patented security and authentication systems can be seamlessly built into mobile banking apps and are used across Southeast Asia, where 93% of consumers now use a mixture of cashless payment options like contactless cards, mobile wallets, and QR codes.
What makes V-Key a good fit for Australia?
Over the past decade, we have built trust and credibility by having a strong presence in the Asia Pacific region, as well as across Asia, the Middle East, and Europe.
Southeast Asia has been at the forefront of adopting secure payment gateway technologies and we are seeing a similar trend in Australia.
Australia has a high smartphone penetration rate and a mobile-centric market, making it crucial to address mobile security threats.
Much like Southeast Asia, Australia's digital payments have also increased dramatically over the last few years, with 1 in 4 card payments now done via mobile wallets.
A not-so-happy statistic is that while the number of fraudulent cardless transactions in Australia is only 4% higher than in most countries, the value lost is 56% higher. With cardless payments only on the rise, Australia needs better digital payment security.
The Australian Government has set a target of being the world's 'most cyber secure country' by 2030. It is in many respects similar to Australia, making it a natural market for us to expand into. V-Key's focus on mobile security solutions aligns well with the needs of businesses, and government entities in Australia
What is your "Ask"? What can our readers do to help you succeed?
We'd love to get in touch with Australian banking institutions, government, and super apps, particularly their securities or innovation arms. We aim to help Australia achieve its goal of becoming a top cyber-secure nation by 2030.
You can learn more about V-Key here.
Raymond Lee, Chief Operating Officer
Joseph Gan, Chief Executive Officer
Karan Sachdeva, Director, Engineering
