MAS and Mastercard team up to boost cybersecurity within financial services

SINGAPORE: The Monetary Authority of Singapore (MAS) and Mastercard are collaborating to boost cybersecurity measures.

The memorandum of understanding (MOU) signed between the two aims to strengthen cyber resilience within Singapore’s financial services sector.

Under this strategic partnership, MAS and Mastercard are set to ramp up collaboration in several key areas.

Firstly, they will have a bilateral exchange of cyber threat intelligence, enhancing awareness within the financial services domain. This means both parties will be better equipped to tackle emerging cyber threats head-on.

Additionally, the partnership will facilitate joint analysis of the latest cyber threats specifically targeting the financial sector. The ultimate goal is to glean actionable insights and recommendations for implementing effective countermeasures.

Beyond information sharing and analysis, the MOU also outlines plans for boosting competency in cybersecurity, joint exercises, providing staff training, and arranging study visits to boost expertise in combating cyber threats.

Mr Vincent Loy, the assistant managing director of technology at MAS, emphasised the importance of public-private partnerships in fortifying cyber resilience.

He 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.”

Mr Ari Sarker, President of Mastercard Asia Pacific, echoed Loy’s sentiments, stressing the urgency of cybersecurity in today’s interconnected world. He emphasised, “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,” he added. /TISG

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