SINGAPORE, July 24 — The Monetary Authority of Singapore (MAS) and the Bank of Thailand have signed a memorandum of understanding to strengthen cybersecurity cooperation and combat digital fraud, as cyber threats become increasingly sophisticated across the region’s interconnected financial systems, reported Xinhua.

The agreement establishes a framework for cooperation across three areas, information sharing on cybersecurity and digital fraud, competency-building, and operational preparedness, the two central banks said in a release today.

The two sides will exchange regulatory and incident updates and threat intelligence affecting the financial sector, conduct joint training, study visits and research exchanges, and carry out cross-border cybersecurity and crisis management exercises.

"Cyber risks and digital fraud are key transnational threats confronting our region and call for closer collaboration to combat these risks,” said MAS Managing Director Chia Der Jiun. — Bernama-Xinhua