Singapore and UK working On Cyber Security For Banking Systems

Following the meeting done a few days ago between both governments of the United Kingdom and Singapore to strengthen their financial sectors through shared partnerships, many different deals have been taking place. The main focus of the deal is to utilize the best of each sector; given that Singapore is the leading financial country almost in the world according to recent reports and analysis. Adding to that, the United Kingdom provides the best talent in the financial sector.

One of the strongest points in UK is the banking system which might be considered as the best in the world. The newest deal on the table between both counties is to start creating a better cyber security regulations and systems for the banking systems of both countries. The news was initially released by the Monetary Authority of Singapore (MAS) and the Bank of England as they were in talks regarding this matter. The deal was based on a Memorandum of Understanding to be signed by both entities to officially start the partnership.

This was commented on by the managing director of the MAS, Ravi Menon who said the following: “As hosts to global financial centers and FinTech firms, Singapore and the UKhave much to benefit from enhanced collaboration on cyber security. Cyber risk is not constrained by geographic boundaries, making international cooperation essential to address this growing threat. Cyber risk is a growing threat to the financial ecosystem. Effectively managing this risk will be the new frontier in international supervisory co-operation”