New Group to act as Sounding Board on Supervisory issues and
Development Opportunities in Financial Sector

05 Mar 1999... The Monetary Authority of Singapore (MAS) today announced the composition of its Financial Centre Advisory Group (FCAG). Comprising leading members of the financial community in Singapore, the FCAG will institutionalise dialogue and consultation between MAS and the industry.

DPM Lee Hsien Loong announced MAS' intention to set up the FCAG in November last year, after the private sector had played a key role helping the Financial Sector Review Group work out measures to further develop Singapore's financial sector.

The FCAG's objectives are to:-

1. Provide MAS with feedback on regulatory and supervisory issues;
2. Help MAS identify emerging market trends and new development opportunities for Singapore;
3. Promote skills development within the financial sector; and
4. Gather and facilitate exchanges of views with market participants in Singapore and internationally, and promote the adoption here of international best practices in banking and finance.

The FCAG complements MAS' International Advisory Panel (IAP). The IAP provides MAS with global perspectives on financial sector developments, while the FCAG will focus on how to develop Singapore's financial centre and promote the adoption of international best practices in banking and finance.

The FCAG will be chaired by Mr S Dhanabalan, Chairman of DBS Bank. Mr Dhanabalan said that "The FCAG will foster continued dialogue, forge closer relationships, and generate new ideas to keep Singapore's financial sector at the forefront of industry trends and new thinking."

The FCAG has set up sub-committees on commercial banking, treasury activities, securities and asset management, and insurance.

Mr Peter Seah, President & Chief Executive Officer of Overseas Union Bank, chairs the Banking Sub-Committee. Ms Jeanette Wong, who is Managing Director & General Manager at Morgan Guaranty Trust Company of New York, leads the Treasury Sub-Committee. The Securities & Asset Management Sub-Committee is headed by Mr Low Check Kian, Managing Director of Merrill Lynch (Singapore) Pte Ltd. Mr Phua Kia Ting, Regional Managing Director at Cologne Reinsurance Company, chairs the Insurance Sub-Committee.

The full list of FCAG members is at Appendix 1.

The FCAG is expected to convene later this month. MAS will brief the Group on its policies and strategies to develop the financial sector. The FCAG will provide feedback and deliberate on how best it can partner the MAS in developing Singapore as a world-class financial centre.

Appendix 1

FINANCIAL CENTRE ADVISORY GROUP

MAIN COMMITTEE

Chairman :
Mr S Dhanabalan,
Chairman,
DBS Bank

Members :

BANKING SUB-COMMITTEE

Chairman :
Mr Peter Seah,
President & Chief Executive Officer
Overseas Union Bank Ltd*

Members :

* Also in main committee

TREASURY SUB-COMMITTEE

Chairman :
Ms Jeanette Wong
Managing Director & General Manager
Morgan Guaranty Trust Company of New York*

Members :

* Also in main committee

SECURITIES & ASSET MANAGEMENT SUB-COMMITTEE

Chairman :
Mr Low Check Kian,
Managing Director,
Merrill Lynch (Singapore) Pte Ltd*

Members :

* Also in main committee

INSURANCE SUB-COMMITTEE

Chairman :
Mr Phua Kia Ting
Managing Director (Regional)
Cologne Reinsurance Company*

Members :