The Monetary Authority of Singapore (MAS) and the Bank of Thailand (BOT) have signed a Memorandum of Understanding (MoU) to strengthen cybersecurity cooperation and digital fraud protection. This agreement, signed during the 31st Executives’ Meeting of East Asia-Pacific Central Banks Governors’ Meeting in Singapore, aims to enhance the cyber resilience of both countries’ financial sectors.
The MoU outlines a framework for collaboration in three key areas: information sharing, competency-building, and operational preparedness. This includes exchanging regulatory updates, conducting joint training and study visits, and organising cross-border cybersecurity exercises. The initiative addresses the increasing sophistication of cyber threats and digital fraud risks in today’s interconnected financial ecosystem.
MAS Managing Director Chia Der Jiun emphasised the importance of this partnership, stating, “Cyber risks and digital fraud are key transnational threats confronting our region and calls for closer collaboration to combat these risks.” BOT Governor Vitai Ratanakorn echoed this sentiment, highlighting the need for seamless cross-border intelligence exchange to counter emerging threats.
This MoU marks a significant step towards creating a safe and resilient financial ecosystem, reflecting the shared commitment of MAS and BOT to safeguard trust in their financial systems. As cyber threats continue to evolve, this enhanced partnership is expected to play a crucial role in maintaining the integrity and security of financial operations in both countries.
