The announcement of the partnership with Nanyang Technological University Singapore with Mastercard was indeed a moment in the cybersecurity space via scientific research around the use of privacy-enhancing technologies, and the impact of quantum computing on cybersecurity. It shall strengthen and grow the cybersecurity ecosystem in the Asia Pacific region.
Their expertise shall be collaborating on to identify projects for scientific research and development around cybersecurity and digital trust. The partnership aims to enhance the talent pipeline and industry expertise to embrace cybersecurity global ecosystem capability for the creation of more job opportunities in the fast-growing sphere. This collaboration has wide scope to scale up and is part of Mastercard’s broader vision of establishing a Cybersecurity Centre of Excellence in Singapore Asia Pacific region.
Globally, cybercrime is estimated to cost the global economy in the region of US$5 trillion (close to 5% of world GDP1) and businesses, large or small, need to be able to keep their customers safe, while continuing to offer frictionless services.
The Mastercard-NTU Joint Lab will focus on two key areas of cybersecurity development:
- Skills Training: The partnership will offer an advanced 12-week joint Mastercard-NTU cybersecurity curriculum, including hands-on training, developed by Mastercard and delivered by NTU. The course will be open to students and mid-career professionals, though the government’s SkillsFuture and Enterprise Learning Transformation programs administered by NTU.
- Research: Mastercard and NTU will collaborate to identify cybersecurity-related research and proof of concept projects. The center will explore areas, including the impact of quantum computing on cybersecurity and the use of privacy-enhancing technologies.
“As the world becomes increasingly connected through advances in emerging technologies like cloud and quantum computing, 5G and AI, it is critical we innovate to keep the digital ecosystem safe and secure. Leveraging the new Mastercard-NTU Joint Lab to help harness, grow and nurture best in class talent will help deliver a safe and trusted digital ecosystem, today and tomorrow,” said Ajay Bhalla, President, Cyber and Intelligence at Mastercard.
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Co-leading the joint lab from NTU is Associate Vice President (Strategy and Partnerships) Professor Lam Kwok Yan, who is also the Executive Director of the national Digital Trust Centre. The center leads Singapore’s research and development efforts and grows local talent and businesses for “trust technologies”, which help augment systems across the digital trust principles of privacy, accountability, identity, integrity, fairness, safety, and compliance.
“The Mastercard-NTU Joint Lab is a great example of how industry partnerships and the sharing of expertise is driving innovation in the cybersecurity and fintech space,” said Ari Sarker, President, Asia Pacific, Mastercard. “Government support and facilitation has been a critical factor in Mastercard’s ability to deliver this initiative successfully. The Singapore Economic Development Board was instrumental in providing Mastercard strategic direction and economic context in the conceptualization process, including discussions with NTU.” Philbert Gomez, Vice President and Head, Digital Industry Singapore, Economic Development Board (EDB), said, “As digital technologies become more pervasive, strengthening our cybersecurity ecosystem will be even more critical. The Mastercard-NTU Joint Lab is a timely initiative to advance cybersecurity research and train cyber talent. EDB looks forward to the Lab furthering cybersecurity innovation in Singapore.”
Professor Lam Khin Yong, Senior Vice President (Research), NTU, said, “Cybersecurity and digital trust have become increasingly important as Singapore moves towards becoming a Smart Nation. NTU’s collaboration with Mastercard is thus timely to ensure that digital technologies and solutions can be made secure and trustworthy. NTU will bring our strong interdisciplinary approaches in research to address some of the most pressing and complex challenges facing the fintech industry. The collaboration is also aligned with the national RIE2025 plan, under which developing trust capabilities is one of the strategies.””As technology evolves, new risks will emerge. Therefore, it is important to invest in “trust technologies” such as privacy enhancing technologies that address data privacy concerns, so that trust can be built among companies and consumers. For example, fintech companies can exchange their data in a confidential manner to address financial risks while still protecting the privacy of their customer data”, said Professor Lam Kwok Yan.
Read: Cybersecurity Timeline and Trends You Should Know Before Planning for 2023
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