The Monetary Authority of Singapore (MAS) and global payments company Mastercard have signed a memorandum of understanding (MOU) to enhance cooperation in cybersecurity.
With the aim of strengthening cyber resilience in the financial services sector in Singapore, the strategic partnership will further cement the collaboration between MAS and Mastercard in several ways.
First, MAS and Mastercard will step up the bilateral information-sharing of cyber threat intelligence to raise cyber situational awareness in the financial services sector.
The partnership will also improve the joint analysis of the latest cyber threats impacting the financial services sector, with the aim of producing “actionable insights and recommendations” on possible countermeasures.
Finally, there will also be an increase in competency-building activities, such as joint cybersecurity exercises, staff training and study visits.
Vincent Loy, assistant managing director of technology at MAS, says: “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.”
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“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,” says Loy.
Mastercard Asia Pacific president Ari Sarker adds: “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. 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,” says Sarker.
