Ant International, a Singapore-based global digital payment firm, AlipayHK, Hong Kong’s e-wallet, and TNG eWallet, Malaysia’s e-wallet, are initiating the Digital Wallet Guardian Partnership, designed to further strengthen the protection of global wallet payments.

Ant International said in a statement on Thursday that the trio will focus on three areas of collaboration under the partnership – technology innovation, knowledge collaboration and Stakeholder engagement

The three parties will collaborate on the development and deployment of safety solutions by harnessing artificial intelligence, privacy-preserving computing and other advanced technologies.

They will also establish knowledge-sharing mechanisms, including conducting workshops focused on evolving risk patterns and trends, and exchange of best practice.

They will also launch joint awareness campaigns to educate consumers and merchants on how to recognize, avoid, and respond to various risks.

It is noted that the Asia Pacific region leads the world in digital payment adoption, accounting for nearly two-thirds of global digital wallet spend at $9.8 trillion, with the highest wallet penetration rates among all regions.

Alipay+, the global e-wallet gateway by Ant International, has been promoting cross-border payment interoperability in the region, which is crucial in boosting digital payment adoption.

It now partners with 36 e-wallets and six national QR schemes, most of them from the Asia Pacific (APAC) region, connecting over 100 million merchants to 1.7 billion user accounts.

According to the statement, given the high adoption rate of digital payments in Asia, 42 percent of global fraud cases also originate there.

Digital wallets have become prime targets, with 15 percent of wallet accounts compromised in 2023 alone.

Among different threats, account takeover frauds rose by 28 percent, making this a major concern among digital wallet users in Asia.

Thus, combating payment fraud and account takeovers in initial phase with Alipay+ EasySafePay 360.

In the initial phase of the partnership, wallet partners are scheduled to adopt Alipay+ EasySafePay 360, an AI-powered account protection solution for both offline and online wallet transactions, to combat account takeovers.

E-wallet operators can expect the Ant International-developed solution to significantly lower the incidence of account takeovers, enhancing users’ trust in their service. EasySafePay demonstrated a 90 percent reduction in account takeover risk during trial deployment.

“At TNG Digital, the trust of our 24 million and growing verified (eKYC-ed) users and over 2 million merchants is our greatest asset, and safeguarding that trust is non-negotiable,

“As TNG eWallet becomes an essential part of everyday life in Malaysia and across the region, this partnership allows us to combine advanced technologies and shared knowledge, to strengthen defenses against evolving risks,” said Alan Ni, Chief Executive Officer of TNG Digital.

According to him, by working together, they are not only protecting our users’ money and data, but also ensuring that everyone, from individuals to businesses, can rely on a secure, inclusive and transparent digital economy.

Meanwhile, Venetia Lee, Chief Executive Officer of AlipayHK, said that with the rise of e-payments in Hong Kong, security innovation is crucial for user trust.

“We safeguard our 4.5 million active users with 24/7 AI monitoring, customizable protections, and regular anti-fraud tips,

“By advancing our multi-layered security and working with partners on risk management, we’re committed to making digital payments in Hong Kong both secure and convenient,” she added.

Tianyi Zhang, General Manager of Risk Management and Cybersecurity at Ant International, said that while AI enhances their ability to manage risks, it also introduces new challenges that they must proactively address.

“Through this partnership, Ant International is dedicated to working closely with our partners to co-develop and share advanced risk-management capabilities,

“Together, we aim to stay ahead of emerging threats, making digital wallet more secure, so as to drive growth in global travel and commerce,” he added.

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