Singapore and the UK are coming together to ramp up cyber security in their respective financial sectors.
Monetary Authority of Singapore (MAS) signed a memorandum of understanding (MoU) with the City of London on cooperation data flows, enhancing cross-border KYC processes, skills development in the financial sector, and green finance.
"The initiatives we are working on…will enable continued dynamism and stability in Singapore's and London's financial centers. I look forward to the continuing, active collaborations between our authorities as well as between our partners in the financial industry,"Tharman Shanmugaratnam, Singapore senior minister and coordinating minister for social policies, said.
As hosts to global financial centres and fintech firms, Singapore and the UKhave much to benefit from enhanced collaboration on cyber security"
MAS will also work with the Bank of England to find effective ways to share information and could also arrange for staff exchanges.
"As hosts to global financial centres and fintech firms, Singapore and the UKhave much to benefit from enhanced collaboration on cyber security," the statement said.
According to Mark Carney, governor of the Bank of England, the average cost of cybercrime for financial services companies globally has increased by more than 40% over the past three years.
"Cyber risk is not constrained by geographic boundaries, making international cooperation essential to address this growing threat," he said.
Ravi Menon, managing director of the MAS, said: "Cyber risk is a growing threat to the financial ecosystem. Effectively managing this risk will be the new frontier in international supervisory co-operation."
The Monetary Authority of Singapore (MAS) and the Bank of England said they were working on producing a Memorandum of Understanding to officially mark the collaboration.
The MoU also comes at a time when both countries are engaged in the SG-UK "Partnership for the Future" campaign, launched in January this year by UK Foreign Secretary Jeremy Hunt and Singapore Minister for Foreign Affairs Vivian Balakrishnan.