25 Jan 1999... Some of the world's top financial players are gathered in Singapore over the next two days to advise the Monetary Authority of Singapore (MAS) on trends in the global financial industry and markets. They are members of MAS' International Advisory Panel that was set up in November last year.

The IAP members attending this inaugural meeting include:

• Mr J Y Pillay, Chairman of the IAP;
• Mr Alfred Berkeley, President of the Nasdaq Stock Market Inc;
• Mr Maurice Greenberg, Chairman of the American International Group, Inc;
• Mr Toyoo Gyohten, President of the Institute for International Monetary Affairs;
• Mr Jan Kalff, Chairman of ABN AMRO Bank NV;
• Mr Yoh Kurosawa, Chairman of Industrial Bank of Japan;
• Mr Michel Pebereau, Chairman of Bank Nationale de Paris; and
• Mr Brian Quinn, Chairman, Nomura Bank International plc

Three other members will participate via video-conferencing. They are:

• Mr John Reed, Chairman of Citibank NA;
• Dr Rolf Breuer, Member of Board of Managing Directors, Deutsche Bank AG; and
• Mr Douglas Warner, Chairman of JP Morgan & Co.

The IAP meeting will discuss MAS' financial sector reforms and strategies in the context of global trends in banking and capital markets. Over the next two days, the panel will also call on Senior Minister Lee Kuan Yew and discuss its conclusions with the Chairman of the Monetary Authority of Singapore, Deputy Prime Minister Lee Hsien Loong.

Mr JY Pillay, Chairman of the IAP, said that "tapping the expertise of a distinguished advisory panel comprising the who's who of the global financial industry will help to not only validate our strategies but broaden our perspectives as we build a world-class financial centre."

Mr Koh Yong Guan, Managing Director of the MAS, said that "the IAP will also help MAS keep abreast of best practice in financial sector regulation and supervision, for example in risk-based supervision techniques."

Members of the IAP were today hosted to lunch by 2nd Minister for Finance, Mr Lim Hng Kiang, where they met key participants from Singapore's financial sector. At the lunch, Mr Lim highlighted the private sector's contribution to the financial sector reforms and said that private sector participation will continue to play a critical role in further developing Singapore's financial centre.

Mr Lim also noted that the composition of MAS' Financial Centre Advisory Group (FCAG) was being finalised and said that details would be announced shortly. The FCAG was set up in November last year under the chairmanship of Mr S Dhanabalan, Chairman of DBS Bank, to facilitate and institutionalise regular dialogue between MAS and market participants in Singapore.

Mr Lim said that "the IAP and FCAG demonstrate our commitment to stay abreast of industry trends and foster closer partnership with the private sector."

"With the active participation of the two bodies, we can look forward to innovative ideas, new opportunities, and stronger growth prospects for the financial sector."

The objectives of the two advisory bodies are as follows:

International Advisory Panel (IAP)

• advise MAS on trends in the global financial industry, emerging business lines and new growth opportunities;
• help MAS keep abreast of market developments and policy initiatives in major international centres; and
• provide MAS with insights into international best practices in central banking and financial supervision.

The full list of IAP members is at Appendix 1.

Financial Centre Advisory Group (FCAG)

• provide MAS with feedback on regulatory issues;
• help MAS identify emerging market trends and new development opportunities for Singapore;
• gather and facilitate exchanges of views with market participants in Singapore and internationally, and promote the adoption of international best business practices here.

Appendix 1

MAS INTERNATIONAL ADVISORY PANEL (IAP)

Mr J Y Pillay (Chairman)
Member of the Board of Directors of MAS

Mr Alfred R Berkeley
President
The Nasdaq Stock Market, Inc

Dr Rolf-E Breuer
Spokesman of the Board of Managing Directors
Deutsche Bank AG

Mr Maurice R Greenberg
Chairman
American International Group, Inc

Mr Toyoo Gyohten
President
Institute for International Monetary Affairs

Mr Jan Kalff
Chairman
ABN AMRO Bank N.V.

Mr Yoh Kurosawa
Chairman
Industrial Bank of Japan

Mr John Mack
President
Morgan Stanley Dean Witter & Co.

Mr Michel Pebereau
Chairman
Banque Nationale de Paris

Sir Brian Pitman
Chairman
Lloyds TSB Group plc

Mr John Reed
Chairman
Citibank NA

Mr Douglas Warner
Chairman
J P Morgan & Co, Inc

Ex-officio members:

Mr Brian Quinn
Chairman
Nomura Bank International plc

Mr Gerald Corrigan
Managing Director
Goldman Sachs & Co