Thailand, Singapore Central Banks Partner on Digital Finance Security
Thailand and Singapore's central banks have signed an agreement to strengthen cybersecurity cooperation and combat growing digital financial fraud threats through shared information, knowledge exchange, and joint capacity building.
The Bank of Thailand has signed a Memorandum of Understanding (MoU) with Singapore's Monetary Authority of Singapore (MAS) to enhance cooperation on cybersecurity safeguards and digital financial fraud prevention. Bank of Thailand Governor Vithaya Rattanakorn stated that the MoU underscores the importance of regulatory collaboration amid an increasingly interconnected global financial ecosystem, where cyber risks and digital financial crime threats are growing more sophisticated and challenging. Both central banks will collaborate on exchanging information, knowledge, and regulatory practices; monitoring emerging threats; developing personnel capabilities; and strengthening their ability to prevent and respond to these risks effectively and promptly.
Rattanakorn noted that as interconnected financial systems and rapid technological advances create conditions for more complex and severe cyber and digital fraud threats, the cooperation between the Bank of Thailand and Singapore's central bank will enhance both countries' readiness to combat these new threats efficiently and reflects a shared commitment to building a stable, secure financial ecosystem prepared for change.
Singapore's Monetary Authority Governor Chia Der Jiun stated that cyber threats and digital financial fraud are intensifying with cross-border impacts. Strengthening cooperation between regulators with shared goals of maintaining security and confidence in digital financial systems will enable timely information sharing and build collective capacity to prevent and respond to threats effectively.
