The Monetary Authority of Singapore (MAS) said yesterday that a new advisory panel has been formed to help the central bank better engage and develop the financial industry here.

The 26-member Financial Centre Advisory Panel (FCAP) "will strengthen the dialogue and partnership between MAS and the financial industry, to drive the growth and development of Singapore's financial centre''.

Among the panel members are key financial industry figures such as the chief executives of all three local banks - DBS Group Holdings' Mr Piyush Gupta, OCBC's Mr Samuel Tsien and United Overseas Bank's Mr Wee Ee Cheong.

Newly appointed Singapore Exchange chief executive Loh Boon Chye, Great Eastern Singapore chief executive Khoo Kah Siang and Apollo Management Singapore partner Tan Chin Hwee are also on the panel.

MAS said the FCAP will advise on strategies to develop the various financial sectors and asset classes. The industry leaders on the panel will also consider how to develop the sector's expertise via the SkillsFuture and FinTech initiatives.

MAS managing director Ravi Menon will chair the panel.

"Given the rapid changes in the global financial landscape, we need to deepen our partnership with the industry to better anticipate trends, co-create policies and chart strategies for the future," Mr Menon said.

"MAS looks forward to tapping on the insights and experience of FCAP members to help grow Singapore as a leading international financial centre that provides significant opportunity for Singaporeans working in finance.''

Developing a Singapore core for the financial industry is a priority for MAS, but Mr Menon noted last week it will take time to develop the necessary skillsets.