SINGAPORE - The Monetary Authority of Singapore (MAS) and Mastercard on April 9 signed a memorandum of understanding (MOU) to enhance cooperation in cyber security, specifically with the aim of strengthening cyber resilience in Singapore’s financial services sector.

In a joint media release on April 9, MAS and Mastercard said that the strategic partnership aims to further cement the collaboration between the two parties in three areas.

First, sharing information of cyber threat intelligence with each other to raise cyber situational awareness in the financial services sector.

Second, joint analysis of the latest cyber threats impacting the financial services sector to produce actionable insights and recommendations on possible countermeasures.

Third, competency-building activities such as joint cyber-security exercises, staff training and study visits.

MAS assistant managing director for technology Vincent Loy said close public-private partnerships between key financial sector players are essential to bring about cyber resilience of the financial ecosystem, especially in the 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 cyber-security capacity building,” he added.

Mr Ari Sarker, president for Asia-Pacific at Mastercard, 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,” he said.

“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. THE BUSINESS TIMES