Alipay, the e-payment affiliate of the Alibaba Group, is setting up a 40 million yuan ($6.5 million) online payment security fund.
The fund will be used to support research into online payment security issues and aid companies that develop security software.
Alizila, the e-commerce news website of the Alibaba Group, reported that the fund will focus on mobile payments and in companies that are researching defensive software against phishing websites, Trojan horse malware and other malicious online software.
It said Alipay, anti-phishing organizations and browser companies have shut down 155,282 phishing websites, or 44% of the total number of phishing websites globally.
Alipay Wallet, Alipay’s mobile payment application has more than 100 million users.