SoLVBL Solutions Inc has unveiled a deal with AI fintech group QuantGate Systems Inc to develop a cyber security program - its first such agreement in the financial services sector.
The memorandum of understanding (MoU) is to develop a program to detect cyber attacks and provide 24/7 data security to QuantGate's "Intelligence" platform, which identifies investment opportunities across multiple asset classes.
"With the increase in data collection, the demand to protect and verify data is unprecedented," said CEO of QuantGate Govin Misir in a statement.
"QuantGate is excited to collaborate with SoLVBL Solutions, based on their broad knowledge of know-how in data verification and cybersecurity. There have been numerous announcements from governments globally, regarding the security of data, and we think this verification solution will allow us to continue to grow and meet the demands and needs of our existing and future partners and clients," he added.
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SoLVBL Solutions' cybersecurity software-as-a-service (SaaS) product Q allows users to authenticate their data in real time and this MoU will allow SOLV to further demonstrate its capabilities around data security and speed of transactions - two of Q by SoLVBL's key premises, the firm said.
"We are certain that SoLVBL Solutions' collaboration with QuantGate will yield a comprehensive cybersecurity solution for QuantGate's technology service platform, answering a growing global cyber threat," said Kaiser Akbar, CEO of SoLVBL Solutions.
"We believe this will be the first of many such opportunities in the financial services vertical, and one that we realized was needed and doable in our ongoing conversations with the QuantGate team.
"Together we realized the need for this level of data protection in this sector."
SoLVBL Solutions Inc is currently pursuing the following verticals: chain of custody for digital evidence including NG-911; data used in the financial sector; medical applications; and critical IoT infrastructures.
Contact the author at giles@proactiveinvestors.com