Westpac has tipped more capital into a local cyber security fintech the Canberra-based QuintessenceLabs, or QLabs. The bank lifted its stake from 11 per cent to 16 per cent, QLabs said yesterday.QuintessenceLabs supplies Westpac with "key management and policy management solutions, designed to reduce the risk of identity theft, customer data breaches and privacy concerns."Services include A "true random number generator," "secure keys and other cryptographic objects", "key distribution" and "key exchange."Jon Nicholson, the former chief strategy officer for Westpac, chairs the board of QLabs. Robert Wilson, the chief technology officer at the bank also serves on the QLabs board.Peter Shergold, a former secretary of the Department of the Prime Minister and Cabinet in Australia is also a director.QLabs has origins in theoretical work pursued by the Quantum Optics Group in the Department of Physics at the Australian National University, work followed in part due to the insights of QLabs founder and CEO Vikram Sharma.