SINGAPORE - A board of inquiry has been set up by the Singapore Exchange (SGX) to investigate the cause of the power fault that shut down the exchange for hours last Wednesday.

The board will include independent experts appointed by SGX, Deputy Prime Minister Tharman Shanmugaratnam said on Sunday morning at the sidelines of a community health event.

The exchange is working closely with the Monetary Authority of Singapore (MAS) and will look into the power supply, back-up systems and decision making processes during times of crisis, added Mr Tharman, who is also Finance Minister.

"MAS is of course monitoring the investigation closely and will decide on any actions later," said Mr Tharman, adding that the incident has affected Singapore's reputation as a financial centre.

While similar incidents have happened in other financial centres, noted Mr Tharman, it was no excuse.

"It doesn't matter what happens overseas, we've got to get it right here and make sure our reputation is kept intact."