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MAS and Mastercard team up on cybersecurity
Collaboration seeks to strengthen cyber resilience of Singapore’s financial services sector
The Asset 10 Apr 2024

The Monetary Authority of Singapore (MAS) and Mastercard have agreed to collaborate on strengthening cybersecurity in the city-state’s financial services sector.

According to a memorandum of understanding (MoU) signed in Singapore on Tuesday (April 9), the strategic partnership will focus on:

  • 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.

“With a constantly evolving cyber threat landscape and rapid digitalization of financial services globally, close public-private partnership between key financial sector players is essential to engendering cyber resilience of the financial ecosystem,” says Vincent Loy, MAS assistant managing director for technology. I am glad that this MoU between MAS and Mastercard will contribute towards this outcome and help advance cybersecurity capacity building."

Ari Sarker, Mastercard’s Asia-Pacific president, 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.”

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