MAS and Mastercard to boost cybersecurity services in Singapore

By Gloria Mathias

The Monetary Authority of Singapore (MAS) and Mastercard have signed a Memorandum of Understanding (MoU) to enhance cooperation in cybersecurity and strengthen cyber resilience in the financial services sector in Singapore.

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 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.”

Ari Sarker, President of Asia Pacific, Mastercard, 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.”

The Monetary Authority of Singapore (MAS) is Singapore’s central bank and integrated financial regulator. As a central bank, MAS promotes sustained, non-inflationary economic growth through the conduct of monetary policy and close macroeconomic surveillance and analysis. It manages Singapore’s exchange rate, official foreign reserves, and liquidity in the banking sector.

As an integrated financial supervisor, MAS fosters a sound financial services sector through its prudential oversight of all financial institutions in Singapore – banks, insurers, capital market intermediaries, financial advisors, and financial market infrastructure.