The Monetary Authority of Singapore (MAS) has joined forces with the Financial Services Information Sharing and Analysis Center (FS-ISAC) to launch a new centre to encourage sharing and analysis of cybersecurity information within the financial services sector in Asia Pacific.

The new Asia Pacific (APAC) Regional Intelligence and Analysis Centre will employ local analysts to monitor cyber threats to the region’s member financial institutions. At the same time, it will also offer analysis, and recommend solutions to reduce the cyber threats.

In addition, FS-ISAC said that it will ramp up efforts to coordinate and host regional events, cybersecurity trainings and exercises for Asia pacific financial institutions.

FS-ISAC president and CEO Bill Nelson said: “This initiative enables financial firms both in the region as well as globally to develop an even stronger community defence model and will be an important resource to deliver deeper analysis, mitigate risks and encourage greater collaboration.”

The centre will be based in Singapore, and is expected to launch operations in the first half of 2017.

MAS chief fintech officer Sopnendu Mohanty said: MAS believes that the establishment of FS-ISAC APAC Intelligence Centre will help to bolster the quality and timeliness of cyber threat intelligence received by financial institutions, strengthen cyber security risk management and response, as well as champion cybersecurity programmes and initiatives in the APAC region.”