Mastercard (MA), MAS partnered for cyber resilience in Singapore

Through these collaborative initiatives, MAS and Mastercard aim to establish a robust defense against evolving cyber threats.

Mastercard Incorporated (MA) and the Monetary Authority of Singapore (MAS) have forged an alliance via a Memorandum of Understanding (MoU) to enhance collaboration in cybersecurity, with a focus on bolstering cyber resilience within Singapore's financial services sector. The primary aim of this strategic partnership between MAS and Mastercard is to engage in bilateral information sharing, joint analysis of cyber threats, and competency-building activities. These efforts are designed to enhance cyber situational awareness, generate actionable insights, and improve the capability of financial institutions to effectively combat cyber threats.

Under the MoU, MAS and Mastercard will collaborate closely on various fronts, including sharing cyber threat intelligence to enhance understanding and response capabilities within the financial services sector. Additionally, joint analysis of emerging cyber threats will enable the development of effective countermeasures. Vincent Loy, assistant managing director (Technology) at MAS, underscored the importance of public-private partnerships in fostering cyber resilience within the financial ecosystem. He highlighted the significance of the MoU in advancing cybersecurity capacity building. Ari Sarker, president Asia Pacific, Mastercard, echoed this sentiment and emphasized the critical role of cybersecurity in today's interconnected economy. He expressed confidence in the partnership's ability to enhance the security of the entire ecosystem. Together, MAS and Mastercard are committed to securing the financial landscape in Singapore and beyond, leveraging their collective resources and expertise to effectively address evolving cyber threats.