Singapore — Payment leaders in Asia have launched the Digital Wallet Guardian Partnership, an initiative aimed at enhancing protection for global wallet transactions as digital wallets continue to gain prominence across the region and worldwide.
Ant International, a global provider of digital payments and financial technology, together with AlipayHK, Hong Kong’s widely used e-wallet, and TNG eWallet, Malaysia’s leading e-wallet, will collaborate on technology innovation, knowledge exchange, and stakeholder engagement.
The partnership will focus on developing advanced AI-powered and privacy-preserving safety solutions, sharing expertise on evolving risks through workshops and best practices, and raising awareness among consumers and merchants through joint campaigns.
These efforts are designed to strengthen collective defences against fraud and improve confidence in digital payments.
Tianyi Zhang, general manager of risk management and cybersecurity at Ant International, shared that AI improves the ability to manage risks, while it also presents new challenges that must be proactively addressed.
“Through this partnership, we are dedicated to working closely with our partners to co-develop and share advanced risk management capabilities,” Tianyi said.
“We aim to stay ahead of emerging threats, making digital wallets more secure to drive growth in global travel and commerce.”
As part of its first phase, the partnership will introduce ‘Alipay+ EasySafePay 360’, an AI-powered account protection solution designed to combat account takeover risks across online and offline wallet transactions.
During trials, EasySafePay achieved a 90% reduction in takeover attempts. The solution leverages real-time AI analysis, dynamic risk modelling, and privacy-preserving computing to proactively detect and block fraudulent activity.
EasySafePay also offers a Money-Back Guarantee for unauthorised transactions, supported by an AI-driven approval system that accelerates compensation requests with 90% greater efficiency and more than 95% accuracy.
A one-stop user portal is available for e-wallet operators, enabling faster resolution of user concerns through customisable tools.
“We safeguard our active users with 24/7 AI monitoring, customisable protections, and regular anti-fraud tips,” Venetia Lee, CEO of AlipayHK, explained.
“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.”
The APAC region accounts for nearly two-thirds of the world’s digital wallet spend, valued at US$9.8 trillion, and has the highest penetration rates globally.
However, the high adoption rate of digital payments has also made the region a focal point for fraud, with 42% of global payment fraud cases originating from Asia. In 2023 alone, 15% of wallet accounts were compromised, while account takeover fraud increased by 28%.
Alan Ni, chief executive officer of TNG Digital, explained that protecting the trust of the company’s users and merchants is non-negotiable.
“This partnership allows us to combine advanced technologies and shared knowledge, to strengthen defences against evolving risks,” Alan commented.
“By working together, we are not only protecting our users’ money and data, but also ensuring that everyone can rely on a secure, inclusive, and transparent digital economy.”
Beyond account protection, EasySafePay secures e-commerce, subscription, and app-store transactions while streamlining the user experience with one-click payments.
