Singapore – In a joint effort to bolster the country’s financial services security, the Monetary Authority of Singapore has announced that it has recently signed a memorandum of understanding with financial technology firm Mastercard.
Through this partnership, the two will further strengthen their collaboration through bilateral information sharing on cyber threat intelligence, enhancing cyber situational awareness in the financial services sector. This includes a joint analysis of the latest cyber threats affecting the sector, leading to actionable insights and recommendations on potential countermeasures.
Additionally, the said collaboration involves competency-building activities like joint cybersecurity exercises, staff training, and study visits.
Talking about the initiative, Vincent Loy, assistant managing director (technology) at MAS, stated, “With a constantly evolving cyber threat landscape and rapid digitalization of financial services globally, close public-private partnerships between key financial sector players is essential to engendering the 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,” added Vincent.
Ari Sarker, president of Asia Pacific at Mastercard, also said, “Amid escalating cyber threats in today’s connected economy, the need for cyber security 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. Synergizing our resources and expertise, we will advance on our joint commitment towards securing the financial ecosystem and enhancing cyber resilience in Singapore and beyond,” Ari concluded.
