The Monetary Authority of Singapore (MAS) and the Bank of Thailand (BOT) signed a Memorandum of Understanding (MoU) on cybersecurity cooperation and digital fraud protection.
The MoU formalizes and expands the ongoing collaboration between MAS and BOT to strengthen cyber resilience and combat digital fraud across their respective financial sectors, the duo said in a joint statement.
The MoU reflects the growing importance of close regulatory coordination in addressing increasingly sophisticated cyber threats and digital fraud risks in a highly interconnected financial ecosystem.
The MoU provides a framework for cooperation in: information sharing on cybersecurity and digital fraud – Exchange of regulatory and incident updates and threat intelligence affecting the financial sector; competency-building – joint activities such as staff training, study visits, and exchange of research and policy insights to deepen technical collaboration; and operational preparedness – Conducting joint cross-border cybersecurity and crisis management exercises.
“Cyber risks and digital fraud are key transnational threats confronting our region and calls for closer collaboration to combat these risks,
“This MoU will facilitate such enhanced partnership and collaboration between MAS and BOT, reflecting our shared commitment to safeguarding trust and resilience in our financial systems,” MAS managing director Chia Der Jiun said.
BOT Governor Vitai Ratanakorn said as cyber threats and digital fraud continue to evolve rapidly amidst growing financial connectivity and technological advancement, closer collaboration between MAS and BOT will help deepen mutual capabilities and achieve seamless cross-border intelligence exchange to counter emerging threats.
“This MoU reflects our shared intention to build a safe and resilient financial ecosystem, and marks an important step towards sustained and impactful interoperation between the two organizations,” he added.
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