Chinese online payment processor Alipay has formally launched a project in Beijing to share its risk control capacity with all institutions participating in the Internet security industry to boost the entire payment security ecosystem.
The e-payment arm of China’s e-commerce firm Alibaba Group said that the program will allow Alipay to share its information security related data and technology with other players, as reported by China Daily.
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The information sharing will enable Internet security industry to improve their capability and expedite their research and development process.
Alipay chief risk officer Hu Xiaoming was quoted by China Daily as saying, "It is important for us to cooperate with other parties in the Internet security industry to jointly develop a safety net, protecting the interests of the increasing number of consumers and retailers who use online payment."
Hu further told the publication that though the financial loss directly caused by Alipay has been reduced tremendously over the past several years, the growing popularity of mobile Internet and Internet finance has made online payment a complicated system.
Alipay has underlined a RMB10m ($1.6m) investment plan to jointly set up a foundation with Shanghai 863 Information Security Industry Park to support innovation on improving information security.
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