Crunchfish and V-key enter Marketing and Technical Partnership Agreement to facilitate Offline Wallets
Crunchfish AB (“Crunchfish”) announces today that the company has entered into a Marketing & Technical Partnership Agreement with V-Key Pte Ltd (“V-Key”) regarding identifying and developing joint offerings of each party’s software product in relation to Crunchfish’s patent pending Offline Wallet. V-Key is a software-based digital security company, headquartered in Singapore. V-Key is the inventor of internationally patented V-OS, the world’s first Virtual Secure Element, which recently obtained Common Criteria EAL3+ on both Apple iOS and Google Android mobile phones.
Digital payments are vulnerable to online connection issues as well as potential downtime of the payment services provider, bank or electronic identification service. Crunchfish has announced a patent pending ground-breaking innovation where mobile payments are made independent of any and all online connection issues as well as any and all cloud services down-time problems at the moment-of-payment. To facilitate an in-store payment transaction where neither the customer nor the merchant is connected to its payment service, it is necessary to establish a local two-way connection between the customer and merchant. This is accomplished by Crunchfish Proxilink Offline Wallet.
The Offline Wallet maintains a credit balance as well as a log of all offline transactions. As this is sensitive data it must be maintained with banking grade security. This is accomplished by a secure element within the app that handles cryptographic storage, verification of user credentials, authentication of transactions, and maintenance of digital cash credit balance and transaction log.
V-Key invented the world’s first virtual secure element, V-OS. It is a secure sandbox that is embedded within a native iOS or Android mobile app, and creates a safe operating environment where data is stored, and cryptographic processes can be executed in isolation from the rest of the mobile app. The patented V-OS Virtual Secure Element matches or improves on the security characteristics of hardware secure elements and is much more scalable as it is a software solution not tied to any specific piece of hardware. V-Key recently announced that V-OS is the world’s first virtual secure element to receive a Common Criteria Evaluation Assurance Level (EAL) rating of 3+ derived from the U.S. Government’s Protection Profile for General Purpose Operating Systems, a testament that it meets the highest international standards for any software solution.
Mobile payments are a targeted industry for both V-Key and Crunchfish. This marketing and technical partnership agreement secures technical compatibility between the parties’ software as well as enables both parties to market Crunchfish Proxilink Offline Wallet and V-OS Virtual Secure Element to each other’s customers and prospects. Whereas Crunchfish is engaged in multiple discussions on the Indian market, V-Key has an established customer base of payment service providers in south-east Asian markets like the Philippines, Thailand and Indonesia with a potential interest in deploying an Offline Wallet.
“When we first conceived the idea of offline frictionless mobile payments, we understood the need for a secure element in apps to handle digital cash balances, transaction logs and private keys securely. In our initial customer conversations in India we placed the problem to solve this on the payment service provider. We are therefore very excited to be able to deliver this critical component of an Offline Wallet as it will scale much better having a packaged solution. What is also very important for us is V-Key’s market footprint in many populous markets where mobile payments are accelerating fast and online connectivity is often a problem. This expands Crunchfish’s international roll-out beyond India.”, says Joachim Samuelsson, Crunchfish CEO.
“We are excited to partner with Crunchfish in extending V-Key’s Digital Identity platform to yet another new use case that our customers and partners can leverage,” says Joseph Gan, V-Key Co-founder and CEO. “Our partnership will also help extend V-Key’s reach beyond Asia to customers in India and Europe, bringing our certified technology built on top of our V-OS Virtual Secure Element to support seamless yet secure financial transactions to new markets.“
About V-key – V-key.com
V-Key is an internationally acclaimed software-based digital security company, headquartered in Singapore. V-Key’s pioneering technology powers ultra-high-security solutions for digital identity management, user authentication and authorization, as well as electronic payments for major banks, payment gateways, and government agencies. Making delightful user experiences possible while being uncompromisingly secure. V-Key is the inventor of V-OS, the world’s first Virtual Secure Element. Internationally patented, V-OS uses advanced cryptographic and cybersecurity protections to comply with standards previously reserved only for expensive hardware solutions. V-OS is FIPS 140-2 validated (US NIST), Common Criteria EAL3+ certified and accredited by the Infocomm Media Development Authority of Singapore (IMDA).
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This information is information that Crunchfish AB is obliged to publish in accordance to the EU Market Abuse Regulation. The information was provided by the contact person above for publication on July 13, 2020.
About Crunchfish – Crunchfish.com
Crunchfish develops and markets interaction solution for mobile payment in a physical environment. Crunchfish’s proximity-based technology connects a customer’s mobile phone to a payment service in a Point of Sales terminal at a merchant, and even has a patent-pending innovation for payments when both the customer and merchant are completely without connection to the payment service. The solutions are marketed to payment apps, cash register providers and merchants in Sweden and India, as well as to multinational companies.
The company also develops interaction solution based on gesture control and has integrated that technology into millions of smartphones currently on the market. Today, development of the gesture control technology is focused on smart, AR glasses.
Crunchfish has its headquarters in Malmö, Sweden. The company also has offices in Stockholm and representation in India. The company drives its businesses through two subsidiaries, Crunchfish Proximity for proximity-based interaction for mobile payments, and Crunchfish Gesture Interaction for gesture control for smart, AR glasses. Crunchfish was founded in 2010 and has 23 employees.