According to CoinMeta, the Monetary Authority of Singapore (MAS) and the Bank of Singapore Association (BSA) have jointly established the Cybersecurity and Technology Risk Working Group (CTWG). The members of the group include various financial institutions such as the MAS, BSA, Singapore Exchange, and several other financial organizations. The working group focuses on promoting the sharing of cybersecurity experiences across industries, conducting proof-of-concept tests for defense tools, and formulating guidelines for threat security control and response. The Assistant Managing Director of the MAS stated that cutting-edge cyber threats are increasing in severity, scale, and complexity, and the financial industry must respond with a high sense of urgency and strong collaboration.