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The Monetary Authority of Singapore (MAS) has announced the formation of a new panel called the Cyber and Technology Resilience Experts (CTREX) Panel. This initiative marks a significant evolution from the previous Cyber Security Advisory Panel (CSAP), expanding its mandate to encompass technology resilience alongside cybersecurity. Together, these elements are vital for ensuring the operational resilience of Singapore’s financial sector.
The original CSAP, established in 2017, comprised leading experts in cybersecurity. Its purpose was to provide MAS and financial institutions with a comprehensive understanding of the evolving technology and cyber threat landscape. The panel facilitated the sharing of best practices in cybersecurity strategies and offered recommendations to enhance the resilience of Singapore’s financial sector. It also served as a forum for MAS to discuss upcoming cyber initiatives.
The newly formed CTREX Panel will build on this foundation, advising MAS on key emerging technology risks and threats that the financial sector faces. The panel will recommend strategies and measures to strengthen both technology and cyber resilience in the industry.
Comprising 13 global thought leaders and practitioners in cybersecurity and technology resilience, the CTREX Panel is set to convene for its inaugural meeting in mid-2025.
Mr. Chia Der Jiun, Managing Director of MAS, emphasised the importance of this initiative, stating, “As financial institutions become increasingly reliant on technology to deliver services, it is critical for them to maintain technology resilience and manage cyber risks effectively. We look forward to leveraging the insights from the CTREX Panel to provide global perspectives on building these essential capabilities as we continue to advance our digitalisation efforts.”
The Monetary Authority of Singapore (MAS) is committed to harnessing cutting-edge technologies to bolster security within the financial sector. By integrating advanced solutions such as artificial intelligence and quantum computing, MAS aims to enhance cybersecurity measures and ensure robust protection against emerging threats.
OpenGov Asia reported that the Monetary Authority of Singapore launched a collaborative initiative to bolster financial sector security using quantum technology. By signing a Memorandum of Understanding (MoU), MAS aims to advance Quantum Key Distribution (QKD) to mitigate cybersecurity risks posed by quantum computing.
The initiative includes proof-of-concept trials for QKD, security validation, and enhancing participants’ technical skills. Mr. Vincent Loy from MAS highlighted its importance in safeguarding the financial sector against quantum threats.
Singapore is committed to leading in quantum technology deployment, with programmes like Nanyang Technological University’s Quantum Sovereignty and Resilience (QUASAR) focusing on quantum cybersecurity, ensuring the sector remains innovative and competitive.
MAS also committed an additional SG$100 million under the Financial Sector Technology and Innovation Grant Scheme (FSTI 3.0) to advance quantum and artificial intelligence technologies in the financial sector. This initiative supports the National Quantum Strategy and aims to enhance quantum capabilities through various grants, including funding for technology centres, innovation projects, and cybersecurity readiness for the quantum era.
MAS plans to promote AI development by helping financial institutions establish innovation centres and creating industry-wide platforms for secure data exchange, with an initial focus on combating scams and fraud.
These efforts are part of MAS’s broader goal to maintain Singapore’s competitive edge in financial technology, leveraging advancements in quantum and AI to drive innovation and enhance cybersecurity across the sector.
To strengthen defences against phishing scams, the Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) announced that major retail banks will phase out One-Time Passwords for customers using digital tokens over the next three months, significantly enhancing security for bank account logins.
The establishment of the CTREX Panel signifies MAS’s commitment to enhancing the resilience of Singapore’s financial sector in the face of rapidly evolving technological challenges and cyber threats.
