TNG Digital has announced that it is collaborating with Ant International and AlipayHK to launch the Digital Wallet Guardian Partnership. As the name implies, the goal of this partnership is to enhance the protection of global wallet payments amid the increasing adoption of digital wallets like TNG eWallet.
The initiative will focus on three areas: technology innovation, knowledge collaboration, and stakeholder engagement. Firstly, the firms will develop and deploy safety solutions based on AI and other advanced technologies. Additionally, they will exchange information on risk patterns, trends, as well as best practices. And finally, the companies will launch joint awareness campaigns for educational purposes.
As part of this partnership, TNG eWallet will implement Alipay+ EasySafePay 360, which is an AI-powered service for protecting online and offline transactions. It also safeguards accounts against takeovers and other fraudulent activities. Additionally, e-wallet users can get full compensation on unauthorised transactions through EasySafePay’s Money-Back Guarantee system.
Due to the widespread use of digital wallets in Asia, the region has become a ripe target for fraud, with 42% of cases originating there. Moreover, 15% of e-wallet accounts were compromised in 2023. And with the increase in account takeover fraud incidents, safety and security is a major concern.
Speaking on the collaboration, TNG Digital CEO explained that the company can combine advanced technologies and shared knowledge to strengthen defences against evolving risks. He went on to say that aside from protecting the users’ money and data, the firm can ensure all parties can rely on a secure, inclusive and transparent digital economy.
(Source: TNG Digital press release)
