The Monetary Authority of Singapore (MAS) and global payment firm Mastercard have on Tuesday signed a Memorandum of Understanding (MoU) to enhance cooperation in cybersecurity, with the aim to 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, MAS said in a statement.

According to the statement, the partnership also aims to enhance their collaboration in 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,

“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,” said Vincent Loy, Assistant Managing Director (Technology), MAS.

Meanwhile, Mastercard Asia Pacific President Ari Sarker said that 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,” he added.

MAS is Singapore’s central bank and integrated financial regulator.

Mastercard is a global technology company in the payments industry, with connections across more than 210 countries.

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