Alipay aims to build ecosystem to improve payment security

Alipay, the e-payment arm of China's e-commerce giant Alibaba Group Holding Ltd, officially launched a program in Beijing on Monday to share its risk control capacity with all organizations involved in the Internet security industry, aiming to improve the entire payment security ecosystem.

The project will enable Alipay, China's largest third party e-payment solution provider, to share its information security related data and technology with other players - to help them improve their capability and speed up their research and development process.

Hu Xiaoming, chief risk officer of Alipay, said“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 said the financial loss directly caused by Alipay has been reduced tremendously over the past several years but, with the growing popularity of mobile Internet and Internet finance, online payment has become a very complicated system. He also said any loopholes in other websites can eventually involve risks for Alipay.

Alipay also announced its plan to invest 10 million yuan ($1.6 million) to jointly build a foundation with Shanghai 863 Information Security Industry Park Co. Ltd to support innovation on improving information security.