Software is the new hardware: V-Key is enabling digital transformation

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In the present-day economy, trust and assurance for transactions around the world is dependent on a decades-old ecosystem that hinges on a simple, but powerful, technology: the smart card chip. The smart card has become ubiquitous in our everyday lives. It’s found in a multitude of items that we rely on every day:

  • In debit and credit cards, protecting our transactions;
  • In cell phones, identifying who we are for every call and SMS;
  • In government-issued identity cards and passports;
  • In door access cards;
  • In hardware tokens used to access our banking and investment accounts,
  • And even directly embedded in our smart phones.

The usefulness of the smart card is universally recognized, but in a world that is rapidly digitizing, where products and services are increasingly delivered as mobile apps or websites, its physical nature makes using any of the items mentioned above inconvenient. Ask yourself: when was the last time you brought your banking tokens with you on holiday?

Not only are these items inconvenient, they’re also expensive. Governments and financial institutions have to manage and distribute physical inventory on a 5-year lifecycle, and end-users constantly break, lose, and forget them. All of this combines to make a nightmarish system of maintenance, logistics, and customer support that has nothing to do with the organization’s core business.

Both of these problems, inconvenience and cost, can be effectively addressed with a pure software solution. The nature of software means that it will generally tend to be cheaper than hardware and can easily be adapted or modified after initial deployment.

V-Key was founded in 2011 to create this solution. The company took the proven architecture of a physical smart card, and replicated the same security concepts in software. We called this invention V-OS, the world’s first virtual smart card chip. This unprecedented technology not only provides extremely resilient mobile app cybersecurity, it also allows the development of products and features previously never seen in an app.

Since its invention, V-OS has been put through numerous tests, and proven its resiliency time and again. V-OS is accredited by IMDA in Singapore, and is FIPS 140-2 Level 1 Validated by NIST. V-Key is a member of the FIDO Alliance for identity and authentication best practices, and the design of V-OS conforms to smart card specifications published by Global Platform. V-OS has also been penetration tested 9 times by external firms, and has yet to come close to being broken.

On top of this secure foundation, V-Key has built V-ID, a Mobile Identity, Authentication, and Authorization suite designed to enable banks, government agencies, and enterprises to realize their digital ambitions. By helping organizations with eKYC, unified mobile identity, app single-sign-on, biometrics, 2FA, virtual payment cards, and digital document signing, V-Key allows organizations to better serve their customers, in turn making people’s lives safer, more secure, and more convenient, all while maintaining trust.

Today, V-OS has moved far beyond an invention that is merely designed for cybersecurity, that is now empowering a large number of digital use cases in banking, finance, government, payments, telecoms, healthcare, travel, hospitality, and enterprises in general. While V-Key is still the world’s leading deep-tech mobile cybersecurity company, our renewed mission is not just to secure the world but to enable digital transformation for our customers, so as to make their customer’s lives safer, more secure, and more convenient.

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