Learning Objectives:

  • Understand the importance of bilateral and regional cooperation in cybersecurity.

  • Analyse the MAS-Bank of Thailand Cybersecurity MoU as a model for cooperation.

  • Examine other bilateral and regional cooperation frameworks.

  • Recognise the role of regional organisations in financial sector cybersecurity.

5.1 The Importance of Bilateral and Regional Cooperation

Bilateral and regional cooperation is essential for addressing cross-border cyber threats. As cyber risks and digital fraud become increasingly sophisticated across interconnected financial systems, central banks and regulators are establishing formal mechanisms for cooperation . The Monetary Authority of Singapore (MAS) has noted that “cyber risks and digital fraud are key transnational threats confronting our region” .

Bilateral agreements between central banks provide a framework for cooperation across several areas, including information sharing, competency building, and operational preparedness . These agreements enable central banks to exchange regulatory and incident updates and threat intelligence, conduct joint training and study visits, and carry out cross-border cybersecurity and crisis management exercises.

5.2 The MAS-Bank of Thailand Cybersecurity MoU

The MAS and the Bank of Thailand signed a Memorandum of Understanding in July 2026 to strengthen cybersecurity cooperation and combat digital fraud . The agreement establishes a framework for cooperation across three areas:

1. Information Sharing on Cybersecurity and Digital Fraud: The regulators will exchange regulatory and incident updates, as well as threat intelligence relating to risks affecting the financial sector. This is expected to strengthen regulatory monitoring and support more effective risk assessment and financial crime prevention .

2. Competency Building: Both authorities will undertake joint activities, including staff training, study visits and exchanges of research and policy insights, aimed at strengthening technical capabilities and deepening regulatory collaboration .

3. Operational Preparedness: MAS and BOT will conduct joint cross-border cybersecurity and crisis management exercises to strengthen institutional readiness and improve responses to potential disruptions .

MAS Managing Director Chia Der Jiun stated: “Cyber risks and digital fraud are key transnational threats confronting our region and calls for closer collaboration to combat these risks. This MoU will facilitate such enhanced partnership and collaboration between MAS and BOT, reflecting our shared commitment to safeguarding trust and resilience in our financial systems” .

5.3 Other Bilateral Agreements

The Bank of Thailand and Bank Negara Malaysia have also signed a MoU to deepen their collaboration on cybersecurity efforts . The MoU aims to enable more effective information sharing mechanisms, foster deeper cooperation in cybersecurity operations, and improve the collective ability to prevent and respond to digital fraud .

BNM Governor Dato’ Seri Abdul Rasheed Ghaffour emphasised the importance of regional collaboration: “BNM remains committed to enhance the resilience of our financial institutions and strengthen protection of our financial consumers against current and emerging cyber threats” . BOT Governor Dr. Sethaput Suthiwartnarueput added that “as cyber threats become increasingly sophisticated, close collaboration and knowledge sharing are essential” .

5.4 Regional Frameworks

Regional organisations also play a role in promoting cybersecurity cooperation. ASEAN finance ministers and central bank governors have decided to facilitate information sharing on cyberthreats and incidents in the region . The MAS has been working with ASEAN partners to strengthen cybersecurity in the financial sector. Regional frameworks provide a platform for sharing best practices, coordinating responses to cross-border threats, and building capacity in the region.

The partnership between BOT and BNM aligns with a broader trend among Southeast Asian nations to prioritize security in the financial sector. As digital transformation accelerates, central banks are taking proactive steps to protect their financial ecosystems and build public trust in digital financial services .

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