“MAS and Mastercard Collaborate to Strengthen Cybersecurity in Financial Services “

SINGAPORE: The Monetary Authority of Singapore (MAS) and Mastercard have signed a memorandum of understanding (MOU) to enhance cybersecurity across Singapore’s financial services. This strategic partnership will focus on bolstering cyber resilience within the financial sector, combining both public and private expertise.

Key areas of collaboration include the bilateral exchange of cyber threat intelligence, which will allow both MAS and Mastercard to identify and counter emerging cyber threats. Additionally, they will jointly analyze recent cyber threats targeting financial institutions to provide actionable insights and effective countermeasures.

The MOU also includes initiatives to enhance cybersecurity capabilities through joint exercises, staff training, and study visits to deepen expertise in cyber defense.

Vincent Loy, Assistant Managing Director of Technology at MAS, highlighted the importance of this public-private partnership in strengthening Singapore’s financial ecosystem. “With a constantly evolving cyber threat landscape, close collaboration between key players in the financial sector is essential to building cyber resilience,” he stated.

Ari Sarker, President of Mastercard Asia Pacific, reinforced the urgency of this partnership, noting, “It’s not about securing a device or network but securing the entire ecosystem. This collaboration marks a significant step toward securing the financial ecosystem in Singapore and beyond.”