MAS, Mastercard ink MOU to strengthen cyber resilience in financial services sector

THE Monetary Authority of Singapore (MAS) and Mastercard on Tuesday (Apr 9) signed a memorandum of understanding (MOU) to enhance cooperation in cybersecurity, specifically with the aim of strengthening cyber resilience in Singapore’s financial services sector. 

In a joint media release on Tuesday, MAS and Mastercard said the strategic partnership aims to further cement the collaboration between the two parties in three areas: the bilateral information sharing of cyber threat intelligence to raise cyber situational awareness in the financial services sector, the joint analysis of the latest cyber threats impacting the financial services sector to produce actionable insights and recommendations on possible countermeasures, as well as competency-building activities such as joint cybersecurity exercises, staff training and study visits. 

Vincent Loy, assistant managing director for technology at MAS, said close public-private partnerships between key financial sector players is essential to engendering the cyber resilience of the financial ecosystem, especially in light of a “constantly evolving cyber threat landscape and rapid digitalisation of financial services globally”.

“I am glad that this MOU between MAS and Mastercard will contribute towards this outcome and help advance cybersecurity capacity building,” he added. 

Ari Sarker, president for Asia-Pacific at Mastercard, said that amid escalating cyber threats in today’s connected economy, the need for cybersecurity “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,” he said. 

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“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.