Singapore central bank and Mastercard join hands for cybersecurity in financial services

The Monetary Authority of Singapore (MAS), central bank of the country, and Mastercard, global technology company in the payments industry, have signed a Memorandum of Understanding to enhance co-operation in cybersecurity. The MoU aims to strengthen cyber-resilience in the financial services sector in Singapore.

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According to a joint press release, “the strategic partnership” aims to further cement the collaboration between MAS and Mastercard in:

• bilateral information sharing of cyber-threat intelligence to raise cyber-situational awareness in the financial services sector;

• joint analysis of the latest cyber-threats impacting the financial services sector, to produce actionable insights and recommendations on possible countermeasures; and

• competency-building activities, such as joint cybersecurity exercises, staff training and study visits.

Vincent Loy, Assistant Managing Director (Technology), MAS, said, “With a constantly evolving cyber-threat landscape and rapid digitalisation of financial services globally, close public-private partnership between key financial sector players is essential to engendering cyber-resilience of the financial ecosystem.

“I am glad that this MoU between MAS and Mastercard will contribute towards this outcome and help advance cybersecurity capacity-building. We look forward to a strong and fruitful partnership between MAS and Mastercard.”

Ari Sarker, President, Asia-Pacific, Mastercard, said, “Amid escalating cyber-threats in today’s connected economy, the need for cybersecurity has never been more acute. It’s not about securing a device or a network anymore; it’s about securing the entire ecosystem, for today and tomorrow.

“This collaboration is a significant step in that direction, and we are delighted to be the chosen partner for MAS. Synergising our resources and expertise, we will advance on our joint commitment towards securing the financial ecosystem and enhancing cyber-resilience in Singapore and beyond.”