Alipay to upgrade payments safety

According to Hu Xiaoming, chief risk officer Alibaba, cited by online media outlet Xinhua, english.news.cn, the company will invest USD 6.5 million in the fund and try to establish alliances with other institutions.

Under the guidance with government authorities, the fund will focus on phishing, Trojans, money laundering, hostile attacks and user information. Alipay will cooperate with banks, ecommerce peers, security software companies in the joint fund.

At the end of 2013, Alipay had almost 300 million registered users, including over 100 million who access services via mobile phones.