Singapore and the UK have announced collaboration to bolster cyber security in their financial sectors.

Pursuant to this announcement, the Monetary Authority of Singapore (MAS), Bank of England and the Financial Conduct Authority (FCA) in the UK will work together to sign a Memorandum of Understanding (MoU) to formalise the collaboration.

The scope of collaboration will include sharing information and potential staff exchanges.

Bank of England Governor Mark Carney said: “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.

“That’s why I’m pleased the Bank and the Prudential Regulation Authority are working with the MAS toward a Memorandum of Understanding on financial sector cyber security. This aligns with the work we are doing with a number of other countries to enhance global collaboration on cyber risk.”

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The financial authorities of the two countries already collaborate on cyber security. The enhanced cooperation is expected to benefit the UK and Singapore as hosts to global financial centres.

MAS managing director Ravi Menon 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.

“I am very pleased that MAS and the Bank of England have resolved to work closer together in promoting the cyber resilience of our financial sectors.”

Last month, MAS signed an agreement with Chinese think tank Asia-Pacific Future Financial Research Institute (AFF). The agreement aims to deepen fintech collaboration between Singapore and China.